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a. payback period is five years, calculated as original cost ($22k - $1k from sale of old copier), divided by the annual savings after reducing the maintenance contract 12 months * (450+100-200).
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In the securities business, large institutional investors do not actually take possession of the securities they buy. They use third-parties called "Custodians".

These custodians undertake to...

The Nominal Interest Rate refers to the rate of interest paid or received, on a loan or deposit, before adjustment for inflation.

This is in contrast with the real interest rate; or, for...