Question: How to solve this question? A loan contract required a payment of $6,000.00 on Sep/10/2017 (which was missed) and a second payment of $4,000.00 on
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A loan contract required a payment of $6,000.00 on Sep/10/2017 (which was missed) and a second payment of $4,000.00 on Feb/5/2020. Calculate the single equivalent amount (rounded to the nearest cent) for these two payments on Nov/15/2018, based on an interest rate of 4.20% compounded quarterly. (10) [Use 9-decimal places for the number of years and n. To get any mark, a timeline must be presented and this problem must be solved algebraically (using the formula). A zero mark will be given if there is no timeline presented as part of the solution or if the problem was solved using the calculator approach, even if the final answer is correct]
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