A payment of $16,000 is due in 1 year and $10,900 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 3.75% compounded quarterly. Use the focal date in 4 years. Round to the nearest cent
A payment of $16,000 is due in 1 year and $10,900 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 3.75% compounded quarterly. Use the focal date in 4 years. Round to the nearest cent
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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Transcribed Image Text:A payment of $16,000 is due in 1 year and $10,900 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 3.75% compounded quarterly. Use the focal date in 4 years.
Round to the nearest cent
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