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Scheduled payments of $2000 due now and $2000 due in four years are to be replaced by a payment of $2000 due in two years and a second payment due in seven years. Determine the size of the second payment

Scheduled payments of $2000 due now and $2000 due in four years are to be replaced by a payment of $2000 due in two years and a second payment due in seven years. Determine the size of the second payment if interest is 10.5% com- pounded annually and the focal date is seven years from now.

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I Y 10 5 C Y 1 i 10 5 0 105 E 1 2000 00 1 105 7 2000 00 2 011574 402…View the full answer


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Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

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

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Posted Date: February 26, 2016 03:49:12
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