Question: Question 1 5 ( 1 6 points ) Sal was supposed to pay Phee $ 4 , 0 0 0 two months ago and $

Question 15(16 points) Sal was supposed to pay Phee $4,000 two months ago and $6,000 in 9 months. Sal missed the payment of $4,000 and would like to replace the original arrangement with a new one. The new agreement calls for 2 equal payments. The first payment is due today and the second payment is due in 14 months. The appropriate interest rate is J12=5%. Calculate the value of the 2 equal payments. Choose today as your focal date. You will get partial points for: Making a valid timeline (2 pts) Moving all amount of money to the focal date correctly (9 pts,3 points per calculation) Setting up the equation of equivalence (2 pts) Solving the equation of equivalence (3 pts) do this question according to the finance calculator

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