A person has debts of $700 due in five years with interest at 3% compounded annually and
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compounded quarterly. The debtor wants to pay off these debts by making two payments: the first payment now, and the second, which is triple
the first payment, at the end of the fourth year. If money is worth 6% compounded annually, how much is the first payment?
Related Book For
Financial Management for Public Health and Not for Profit Organizations
ISBN: 978-0132805667
4th edition
Authors: Steven A. Finkler, Thad Calabrese
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