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Question(s) / Instruction(s):

A company borrowed $50,000 cash from the bank and signed a 6-year note at 7%. The present value of an annuity for 6 years at 7% is 4.7665. The annual annuity payments equal:

  1. $10,489.88.
  2. $11,004.88.
  3. $50,000.00.
  4. $52,450.00.
  5. $238,325.00.

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