Taj Corp buys and sells debt securities which it classifies as securities available for sale. The companys
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Pika corp sells an asset with a $2,500,000 fair value to james inc. James agrees to make 8 equal payments, each to be paid one year apart, starting on the date of sale. The payments include principal and 6% annual interest. The present value of an ordinary annuity for eight periods at 6% is 6.20979. The present value of an annuity due for eight periods at 6% is 6.58238. What is the required annual installment payment?
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