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Problem:

The car dealership offers you no money down on a new car. You may pay for the car in 6 equal annual end-of-the year payments of $7,648 each with the first payments to be made one year from today.

Task:

Question 1: If the discount rate is 8.91 percent compounded annually what is the present value of the car payments? Please provide full description and show your all calculation.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91146492

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