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Bangin Inc. financed the purchase of a machine by making ten annual payments of $28,000 with the ...

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Bangin Inc. financed the purchase of a machine by making ten annual payments of $28,000 with the ...

Bangin Inc. financed the purchase of a machine by making ten annual payments of $28,000 with the first payment due today. The purchase cost of the machine is considered to be the present value of those payments. What was the purchase cost of the machine to Bangin assuming a discount rate of 9%? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)
A) $118,275
B) $280,000
C) $179,694
D) $195,867

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Intermediate Accounting

Edition: 1^st

Authors: Gordon, Raedy, Sannella

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