A payment of $14,575 is due in 1 year, $16,500 is due in 5 years, and $8,300 is due in 6 years. What single equivalent payment made today would replace the three original payments? Assume that money earns 6.25% compounded monthly. Round to the nearest cent

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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A payment of $14,575 is due in 1 year, $16,500 is due in 5 years, and $8,300 is due in 6
years. What single equivalent payment made today would replace the three original
payments? Assume that money earns 6.25% compounded monthly.
Round to the nearest cent
Transcribed Image Text:A payment of $14,575 is due in 1 year, $16,500 is due in 5 years, and $8,300 is due in 6 years. What single equivalent payment made today would replace the three original payments? Assume that money earns 6.25% compounded monthly. Round to the nearest cent
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