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 $154,692 from the bank at 16.48 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 8 years. How much will each annual payment be?

Round the answer to two decimal places.

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