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A) Captain Kirk and his first mate Scottie have borrowed $750,000 at a stated annual rate of 12% per year to purchase a Sea Ray 450 Sedan Bridge Yacht. If the loan calls for ten equal annual payments, with is the amount of each payment?

B) On her maiden voyage, Captain Kirk stepped below to grab a cold one. Temporarily in charge, Scottie accidentally drove the yacht into the Shelby Street Bridge causing $10,000 damage, paid in full upon return to the dock. The repairs will take the boat out of service for the next 25 weeks. The hapless duo hopes to recoup their losses by selling tickets that will take students on a cruise along the River. The cruises will leave every Thursday afternoon beginning 25 weeks from today and they expect 30 students to buy tickets each week. How much should they charge per ticket if they expect to book 20 cruises when their opportunity cost of capital (EAR) is 8% per year.

Reference no: EM132265938

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