Saybrook Company purchased a machine on January 2, 2014. Under the terms of the purchase agreement, the company is required to make 14 quarterly installment payments of $23,000 each, beginning April 1, 2014. Assuming 16 percent interest compounded quarterly, determine the purchase price of the machine. Use future value and/or present value tables in calculating your answer
Purchase price = $23,000 x 10.563 (PV of O.A. @ n = 14, i = 4%) = $242,949
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