You buy a $20,000 piece of equipment for nothing down and $4000 per year for 6 years.

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You buy a $20,000 piece of equipment for nothing down and $4000 per year for 6 years. What interest rate are you paying? The formula relating present worth P, annual payments A, number of years n, and interest rate i is

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Numerical Methods for Engineers

ISBN: 978-9352602131

7th edition

Authors: Steven C. Chapra, Raymond P. Canale

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Question Posted: Apr 19, 2017 10:40 AM

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You buy a $20,000 piece of equipment for nothing down and $4000 per year for 6 years.

Question:

i(1 i)

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The solution can be formulated as A ...View the full answer

Numerical Methods for Engineers

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