A payment of $1,930 is due in 55 days and another payment of $3,600 is due in 300 days. Calculate the single equivalent payment to be made in 55 days to settle the two payments if money earns 8.59% p.a. (Hint: use 55 days from now as the focal date.) $

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...
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A payment of $1,930 is due in 55 days and another payment of $3,600 is due in 300 days.
Calculate the single equivalent payment to be made in 55 days to settle the two payments if
money earns 8.59% p.a. (Hint: use 55 days from now as the focal date.) $
Transcribed Image Text:A payment of $1,930 is due in 55 days and another payment of $3,600 is due in 300 days. Calculate the single equivalent payment to be made in 55 days to settle the two payments if money earns 8.59% p.a. (Hint: use 55 days from now as the focal date.) $
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