A payment of $13,000 is due in 1 year and $11,600 is due in 2 years. What two equal payments, one in 3 years and one in 4 years would replace these original payments? Assume that money earns 2.50% compounded quarterly. Use the focal date in 4 years. $0.00 Round to the nearest cent

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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A payment of $13,000 is due in 1 year and $11,600 is due in 2 years. What two equal
payments, one in 3 years and one in 4 years would replace these original payments?
Assume that money earns 2.50% compounded quarterly. Use the focal date in 4 years.
$0.00
Round to the nearest cent
SAVE PROGRESS
f11
40
IAA
3
f10
➤I
O
1/4
A
1/2
4
+
11
3/4
Transcribed Image Text:A payment of $13,000 is due in 1 year and $11,600 is due in 2 years. What two equal payments, one in 3 years and one in 4 years would replace these original payments? Assume that money earns 2.50% compounded quarterly. Use the focal date in 4 years. $0.00 Round to the nearest cent SAVE PROGRESS f11 40 IAA 3 f10 ➤I O 1/4 A 1/2 4 + 11 3/4
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