Two payments of $7,000 and $2,200 are due in 1 year and 2 years, respectively. Calculate the two equal payments that would replace these payments, made in 6 months and in 3 years if money is worth 9% compounded quarterly. $0.00 Round to the nearest cent

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
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Two payments of $7,000 and $2,200 are due in 1 year and 2 years, respectively.
Calculate the two equal payments that would replace these payments, made in 6
months and in 3 years if money is worth 9% compounded quarterly.
$0.00
Round to the nearest cent
Transcribed Image Text:Two payments of $7,000 and $2,200 are due in 1 year and 2 years, respectively. Calculate the two equal payments that would replace these payments, made in 6 months and in 3 years if money is worth 9% compounded quarterly. $0.00 Round to the nearest cent
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