Financial Mathematics interest question for my exam

Mhmdozer

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Nov 11, 2018
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Hi everyone I have a exam tomorrow but I have a one question if you solve it I'd be happy.

A man buys car on instalment basis such that he pays 50000$ on signing of the contract and remaining in 4 equal instalment of 20000$ the first is being paid at the end of first year and so on for each year. If he rate of interest is %8 effective find the cash price of the car?
 
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