Three payments are scheduled as follows: $3,100 is due today, $1,800 is due in five months,...

Transcribed Image Text:

Three payments are scheduled as follows: $3,100 is due today, $1,800 is due in five months, and $1,900 is due in nine months. The three payments are to be replaced by a single equivalent payment due eleven months from now. What should the payment be if money is worth 8.5%? Use eleven months from now as the focal date. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Payment 1 Payment 2 Payment 3 Payment Total $ $ SA SASA SA $ $ Three payments are scheduled as follows: $3,100 is due today, $1,800 is due in five months, and $1,900 is due in nine months. The three payments are to be replaced by a single equivalent payment due eleven months from now. What should the payment be if money is worth 8.5%? Use eleven months from now as the focal date. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Payment 1 Payment 2 Payment 3 Payment Total $ $ SA SASA SA $ $