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The Gentle Warming Company is purchasing a new cooling system. To pay for the system, the company agrees to make 12 installment payments of $7741 per year, beginning at the end of year 1. The company also has to pay a system fee of $1340 that will begin at the end of year 1 and decrease by $176 per year until the system is paid off. How much should the company set aside today to pay for the cooling system if the bank pays 3% per year compounded annually?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92792852

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