An engineering technology group just purchased new cad, Financial Management

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An engineering technology group just purchased new cad

An engineering technology group just purchased new CAD software for $15,000 now and annual payments of $1000 per year for six years. The annual payments will start three years from now. The CFO wants to know how much it would cost to purchase the software today (pay one single lump sum) if the interest is 8% per year. what would you tell her?

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