Question: Annuities: Please show your steps (do not use excel or a financial calculator) Falco Inc. paid $30,000 as a down payment for a machine. The

Annuities: Please show your steps (do not use excel or a financial calculator)

Falco Inc. paid $30,000 as a down payment for a machine. The balance was financed with a loan at 3.25% compounded semi-annually and required payments of $8,000 to be made at the end of every six months for 11 years to settle the debt. What was the purchase price of the machine?

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