This loan is to be repaid in equal annual installments at, Financial Management

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This loan is to be repaid in equal annual installments at

Big Brothers, Inc. borrows $202,296 from the bank at 11.27 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 10 years. How much will each annual payment be?

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