John had a loan where two payments were required: $1000 in 14 months and $1000 in 18 months. Instead of those payments, a single payment of $1950 can be made. If money is worth 5% compounded quarterly, when would the single payment be made? Answer in years from today to two decimal places.
John had a loan where two payments were required: $1000 in 14 months and $1000 in 18 months. Instead of those payments, a single payment of $1950 can be made. If money is worth 5% compounded quarterly, when would the single payment be made? Answer in years from today to two decimal places.
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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John had a loan where two payments were required: $1000 in 14 months and $1000
in 18 months.
Instead of those payments, a single payment of $1950 can be made.
If money is worth 5% compounded quarterly, when would the single payment be
made? Answer in years from today to two decimal places.
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