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A company is considering getting involved in electronic commerce. A modest e-commerce package is available...

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Accounting

A company is considering getting involved in electronic commerce. A modest e-commerce package is available for $17,000. If the company wants to recover cost in 2 years, what is the equivalent amount of new income that must be received every 6 months if the interest rate is 2% per quarter?

CAN YOU EXPLAIN WHEN I NEED TO FIND EFFECTIVE INTEREST RATE VS JUST DIVIDING OR MULTIPLYING THE INTREST RATE

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