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What will be the amount of each payment

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(a) You purchase a boat for $35,000 and pay $5,000 down and agree to pay the rest over the next 10 years in 10 equal annual payments that include principal payments plus 13% of compound interest on the unpaid balance. What will be the amount of each payment?

(b) For an investment to grow eightfold in 9 years, at what rate would it have to grow?

Reference no: EM132073566

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