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A machine is purchased by making payments of €15,000 at the beginning of each of the next five years. The interest rate was 10%. The future value of an ordinary annuity of 1 for five periods at 10% is 6.10510. The present value of an ordinary annuity of 1 for five periods is 3.79079. What was the cost of the machine?
Price Elasticity
Price elasticity measures the responsiveness of demand or supply of a good to changes in its price.
Absolute Value
The non-negative value of a number without regard to its sign.
Demand Function
A mathematical equation that specifies the quantity of a good or service demanded at various price levels, holding all other factors constant.
Price Elasticity
An economic metric indicating the responsiveness of the demand for a product or service to variations in its price.
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