On an annual renewable lease, the quarterly lease payment on office space is $1,600 payable at the begining of every three months. What equivalent yearly payment made in advance would satisfy the lease if interest is 11.8% compounded quarterly? The equivalent yearly payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

On an annual renewable lease, the quarterly lease payment on office space is $1,600 payable at the begining of every three months. What equivalent yearly payment made in advance would satisfy the lease if interest is 11.8% compounded quarterly? The equivalent yearly payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 3P

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