Mike Macaro is selling a piece of land. Two offers are on the table. Morton...
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Mike Macaro is selling a piece of land. Two offers are on the table. Morton Company offered a $37,000 down payment and $34,700 a year for the next 6 years. Flynn Company offered $23,500 down and $39,300 a year for the next 6 years. Assume money can be invested at 7% compounded annually. (Use Table 13.2) a. What is the value of the offers? (Do not round intermediate calculations. Round your answers to the nearest cent.) Value Morton Company Flynn Company b. Which offer is better for Mike? O Flynn Company Morton Company
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