You bought an audio system and agreed to pay for the purchase by making four equal annual
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Question:
You bought an audio system and agreed to pay for the purchase by making four equal annual installments of $800 beginning one year from today plus a lump-sum payment of $1,000 at the end of five years. The interest rate is 12%.
What was the cost of the audio system?
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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