A debt of $7500 due in four years and $8500 due in five years is to be
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A debt of $7500 due in four years and $8500 due in five years is to be repaid by a single payment of $7000 now and two equal payments that are due each consecutive year from now. If the interest rate is 11% compounded annually, how much are each of the equal payments?
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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