On an annual renewable lease, the quarterly lease payment on office space is $1600 payable in advance.

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On an annual renewable lease, the quarterly lease payment on office space is $1600 payable in advance. What equivalent yearly payment made in advance would satisfy the lease if interest is 6.6% compounded quarterly?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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