A payment of $13,675 is due in 2 year, $16,500 is due in 5 years, and $8,200 is due in F years. What single equivalent payment made today would replace the three original payments? Assume that money earns 5.25% compounded monthly. $0.00 Round to the nearest cent
A payment of $13,675 is due in 2 year, $16,500 is due in 5 years, and $8,200 is due in F years. What single equivalent payment made today would replace the three original payments? Assume that money earns 5.25% compounded monthly. $0.00 Round to the nearest cent
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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Transcribed Image Text:A payment of $13,675 is due in 2 year, $16,500 is due in 5 years, and $8,200 is due in 7
years. What single equivalent payment made today would replace the three original
payments? Assume that money earns 5.25% compounded monthly.
$0.00
Round to the nearest cent
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