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What is the amount if pay for the washing machine today

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Problem 1: The local home improvement store has a washing machine on sale for $1,609; with payment due in 3 year(s) from today. The store is willing to discount the price at annual rate of 5 percent (compounded annually) if you pay for the washing machine today. What is the amount if you pay for the washing machine today?

Reference no: EM132976976

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