Question: What single payment in 9 months would be equivalent to a payment of $900 due today and a payment of $1200 due in 27 months

What single payment in 9 months would be equivalent to a

What single payment in 9 months would be equivalent to a payment of $900 due today and a payment of $1200 due in 27 months if the interest rate is 4.2% compounded monthly?

I need step by step explanation plus answer thanks

N = 17-27 - Math 16269 - Review for Final Chapter 9: Compound Interest Applications 1. What single payment in 9 months would be equivalent to a payment of $900 due today and a payment of $1,200 due in 27 months if the interest rate is 4.2% compounded monthly? (Ans: $2,055.61)

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