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Question: On 12-31-13 Austin entered into an agreement that required Austin to pay a supplier $600 every year on 12-31 until 2029. The agreement required Austin to make the first annual payment on 12-31-14. Assume the market rate of interest for Austin is 11%. As of 12-31-13 what was the present value of Austin's obligation?

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Accounting Basics, Accounting

Category:- Accounting Basics
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