On July 7, 2014, Lawrence Company sold some machinery to Johnson Construction Company. The sales contract requires Johnson to pay five equal annual payments of $75,000 each, beginning on July 7, 2014. What present value concept is most appropriate for this situation?
A. present value of an annuity due of $1 for five periods
B. present value of an ordinary annuity of $1 for five periods
C. future value of an annuity of $1 for five periods
D. future value of $1 for five periods
Answer: A
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