A debt of $10681 due at the end of year 6 is instead to be repaid by
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Question:
A debt of $10681 due at the end of year 6 is instead to be repaid by payments at the end of years 1, 4 and 5.The payments after one year and five years are equal. The payment after four years is double the amount paid after one year.Interest is compounded semi-annually at 6.6% p.a.. How much is the first payment?
Expert Answer:
Given Debt 10681 due at the end of year 6 Payments will be made at the end of years 1 4 and 5 Paymen... View the full answer
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