Question: ( Annuity payments ) A firm borrows $ 3 5 comma 0 0 0 from the bank at 6 percent compounded annually to purchase some

(Annuity payments)A firm borrows $35 comma 000 from the bank at 6 percent compounded annually to purchase some new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 10 years. How much will each annual payment be?

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