Payments of​ $4000 each due in​ four, nine, and eleven months from now are to be settled by two equal payments due today and twelve months from now. What is the amount of the equal payments if interest is​ 7.35% and the agreed focal date is​ today? Only typing answer Please explain step by step

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 11E
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Payments of​ $4000 each due in​ four, nine, and eleven months from now are to be settled by two equal payments due today and twelve months from now. What is the amount of the equal payments if interest is​ 7.35% and the agreed focal date is​ today?

 

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