Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1 years,

Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1¼ years, $17,000 due in 2¾ years, and $15,000 due in 4¼ years. He wants to make a single payment of $56,500 instead. Using an interest rate of 8% compounded quarterly, in how many months from today should this payment be made? Round answer to zero decimal places.

Answer rating: 100% (QA)

Amount die P PIAR 100 today Perincipal P 16000 en CX P afley 125 P1 B 2 1500 S 11500 100 P 1500 X 1... View the full answer