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What amount can he borrow compounded annually

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Reference no: EM132513995

Question - ABC Company will borrow money today and plan to pay back $6,000 a year for 10 years with 4% annual interest.

a) If the first payment into the fund occurs today, what amount can he borrow compounded annually?

b) If the first payment into the fund occurs in one year, what amount can he borrow compounded annually?

Reference no: EM132513995

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