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How much will have paid for the sailboat in today

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Reference no: EM133012372

You have just purchased a sailboat. The terms of the sale are these:

Problem 1: You pay ten $55,000 instalments, with the first payment due immediately. (In other words, you can't tow the sailboat off the lot until you hand them a bank certified cheque for $55,000.) In the end, how much will you have paid for the sailboat in today's dollars assuming an interest rate of 8%?

Reference no: EM133012372

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