A loan is negotiated with the lender agreeing to accept $8,000 after one year, $9,000 after two years, and $20,000 after four years in full repayment Of the loan. The loan is negotiated so that the borrower makes a single payment Of $37,000 at time T and this results in the same total present value Of payments when calculated using an annual effective rate of 5%. Estimate T using the method of equated time. Also find T exactly.

Aaron corporation, which has only one product, has provided the following data concerning its most recent month of operations: selling price $ 102 units in beginning inventory 0 units produced 4,900 units sold 4,260 units in ending inventory 640 variable costs per unit: direct materials $ 20 direct labor $ 41 variable manufacturing overhead $ 5 variable selling and administrative expense $ 4 fixed costs: fixed manufacturing overhead $ 64,200 fixed selling and administrative expense $ 2,900 the total contribution margin for the month under variable costing is: