Question: A $ 1 5 , 0 0 0 loan with interest being charged at 1 0 % compounded quarterly was made 2 . 5 years

A $15,000 loan with interest being charged at 10% compounded quarterly was made 2.5 years ago and is due in two years. The debtor is proposing to settle the debt by a payment of $5,000 today and a second payment in one year that will place the lender in an equivalent financial position, given that money can now earn only 6% compounded semiannually.
a. What should be the amount of the second payment? (Do not round your intermediate calculations and round your final answer to the nearest cent.)

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