Find the equivalent replacement payments for the following scheduled payment. Original Scheduled Payment Replacement Payment Focal date Rate $1000 due eight months ago In full Today 7.5% The equivalent replacement payment is S. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Find the equivalent replacement payments for the following scheduled payment.
Original
Scheduled Payment
Replacement
Payment
Focal date
Rate
$1000 due eight months ago
In full
Today
7.5%
The equivalent replacement payment is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:Find the equivalent replacement payments for the following scheduled payment. Original Scheduled Payment Replacement Payment Focal date Rate $1000 due eight months ago In full Today 7.5% The equivalent replacement payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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