(Answered) Big brothers inc borrows 395154 from the bank at 1822

Finance

Big Brothers, Inc. borrows $395,154 from the bank at 18.22 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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