(Answered) Big brothers inc borrows 219114 from the bank at 1749

Management Studies

Big Brothers, Inc. borrows $219,114 from the bank at 17.49 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 9 years. How much will each annual payment be?

Round the answer to two decimal places

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