24. INSTALLMENT PLANS Mike's Sporting Goods sells elliptical trainers under two payment plans: cash or installment. Under the installment plan, the customer pays $22/month over 3 years with interest...

Extracted text: 24. INSTALLMENT PLANS Mike's Sporting Goods sells elliptical trainers under two payment plans: cash or installment. Under the installment plan, the customer pays $22/month over 3 years with interest charged on the balance at a rate of 9%lyear compounded monthly. Find the cash price for an elliptical trainer if it is equivalent to the price paid by a customer using the installment plan.