A payment of $750 is due in 3 years, and $5,100 is due in 5 years. What single payment made today would be equivalent to these original payments? Assume that money earns 3.50% compounded monthly. $0.00 Round to the nearest cent

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
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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53
A payment of $750 is due in 3 years, and $5,100 is due in 5 years. What single payment
made today would be equivalent to these original payments? Assume that money earns
3.50% compounded monthly.
$0.00
Round to the nearest cent
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Transcribed Image Text:53 A payment of $750 is due in 3 years, and $5,100 is due in 5 years. What single payment made today would be equivalent to these original payments? Assume that money earns 3.50% compounded monthly. $0.00 Round to the nearest cent SAVE PROGRESS SUB ENG US f11 insert k 40 hp VE 8 KAA ▶11 O O 1/4 1 P 1/2 + = { ^ [[ 3/4
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