A payment of 23,000 is due today. What three equal payments, one is 3 years, one is

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A payment of 23,000 is due today. What three equal payments, one is 3 years, one is 5 years and one is 6 years, would replace the original payment? Assume that money earns 5.5% compounded semi-annually.

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Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Posted Date: Feb 27, 2021 08:09 AM

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A payment of 23,000 is due today. What three equal payments, one is 3 years, one is

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Expert Answer:

The correct answer is 985299 Calculations are as follows Payment amount 23000 Inte... View the full answer

Mathematical Applications for the Management Life and Social Sciences

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