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PV of Annuity

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A steel fabrication company invested $800,000 in a new shearing unit. At an interest rate of 12% per year, compounded monthly, the monthly income required to recover The investment in 3 years is closest to?

A. $221,930
B. $31,240
C. $29,160
D. $26,570

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Solution Summary

This explains the calculation of the capital recovery of annuity.

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