A company buys a machine for $12,000, which itagrees to

Chapter , Problem 4-39

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A company buys a machine for $12,000, which itagrees to pay for in five equal annual payments,beginning one year after the date of purchase, at anannual interest rate of 4%. Immediately after the sec-ond payment, the terms of the agreementare changedto allow the balancedue to be paid off in a single pay-ment the next year. What is the final single payment?

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