A contract requires payments of $4000 today, $5000 in three years, and $6000 in five years. When

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A contract requires payments of $4000 today, $5000 in three years, and $6000 in five years. When can the contract be fulfilled by a single payment equal to the sum of the required payments if money is worth 9% p.a. compounded monthly?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 03:51 AM

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A contract requires payments of $4000 today, $5000 in three years, and $6000 in five years. When

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Contemporary Business Mathematics with Canadian Applications

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