Pharoah Productions borrowed some money from the California Finance Company at a rate of 15.40 percent for a seven-year period. The loan calls for a payment of $1,639,000 each year beginning today. How much did Pharoah borrow?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
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ISBN:9781337514835
Author:MOYER
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Chapter16: Working Capital Policy And Short-term Financing
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Pharoah Productions borrowed some money from the California Finance Company at a rate of 15.40 percent for a seven-year period. The loan calls for a payment of $1,639,000 each year beginning today. How much did Pharoah borrow?

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