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How much must be deposited at the beginning...

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Accounting

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How much must be deposited at the beginning of each year to accumulate to $12,000 in two years if interest is at 9%? On October 1, 2021, Justine Company purchased equipment from Napa Inc. in exchange for a noninterest-bearing note payable in two equal annual payments of $620,000, beginning Oct 1, 2022. Similar borrowings have carried an 11% interest rate. The equipment would be recorded at

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