A payment of $23,000 is due today. What three equal payments, one in 2 years, one in 4 years, and one in 7 years, would replace the original payment? Assume that money earns 3.25% compounded quarterly. $0.00 Round to the nearest cent

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
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A payment of $23,000 is due today. What three equal payments, one in 2 years, one in 4
years, and one in 7 years, would replace the original payment? Assume that money
earns 3.25% compounded quarterly.
$0.00
Round to the nearest cent
SAVE PROGRESS
SU
EN
US
f11
insert
a
40
U
00
IAA
3
f10
▶11
O
1/4
AAI
P
1/2
3
+
rr
=
3/4
Transcribed Image Text:A payment of $23,000 is due today. What three equal payments, one in 2 years, one in 4 years, and one in 7 years, would replace the original payment? Assume that money earns 3.25% compounded quarterly. $0.00 Round to the nearest cent SAVE PROGRESS SU EN US f11 insert a 40 U 00 IAA 3 f10 ▶11 O 1/4 AAI P 1/2 3 + rr = 3/4
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