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BioGen Company, a small biotechnology firm, would like to borrow a loan to purchase laboratory equipment for gene splicing. The loan carries an interest rate of 8% per year and is to be repaid $396,719 at the end of 6 years. How much is the loan?

a. $200,000

b. $226,088

c. $245,236

d. $250,000

e. None of above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91751461

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