Find the equated date at which the original payments are equivalent to the singie payment. State your answer in years and months (from 0 to 11 monthsOriginal PaymentsInterestRateFrequency ofConversionSingie Payment$1083.00 due today and$1144.00 due in 5 years8%semi-annually$2413.30In yearts) and month(s) the single payment will be equivalent to the onginal paymenis

The future value of payment includes the interest also while present value includes the payment…

Answered: Interest Rate Frequency of Conversion…

Interest Rate Frequency of Conversion Singie Payment D83.00 due today and 144.00 due in 5 years 8% sem-annually $2413.30 year(s) and month

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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Question

Find the equated date at which the original payments are equivalent to the singie payment. State your answer in years and months (from 0 to 11 months
Original Payments
Interest
Rate
Frequency of
Conversion
Singie Payment
$1083.00 due today and
$1144.00 due in 5 years
8%
semi-annually
$2413.30
In yearts) and month(s) the single payment will be equivalent to the onginal paymenis

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