Equipment that cost $660,000 and has accumulated depreciation of $300,000 is exchanged for equipment with a fair value of $480,0
1 answer:
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Answer:
Correct option is 6.59
Explanation:
Selling price of stock at the end of the year is $6.99. Annual return rate is 6%. Price of stock at the beginning will be present value of stock valued at the end discounted at 6%. Computation is as shown below:
= $6.59
Therefore, Stock's price in the beginning of the year is $6.59.