Question: A company buys a machine for $ 1 7 , 0 0 0 , which it agrees to pay in 6 equal annual payments, beginning

A company buys a machine for $

17, 000,

which it agrees to pay in

6

equal annual payments, beginning one year after the date of purchase, at an annual interest rate of

5 % .

Immediately after the second payment the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment?

I know that the answer is $

8642,

please show your work, thank you

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