A debt of $5,000 due in five years from now and $ 5,000 due in ten years from now is to be repaid daily for 3 years. If the interest is 3.65% compounded daily, how much is the daily repayment? a. 15.3 b. 23.5 c. 10 d. 7.4

A debt of $5,000 due in five years from now and $ 5,000 due in ten years from now is to be repaid daily for 3 years. If the interest is 3.65% compounded daily, how much is the daily repayment? a. 15.3 b. 23.5 c. 10 d. 7.4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A debt of $5,000 due in five years from now and $ 5,000 due in ten years from now is to be repaid
daily for 3 years. If the interest is 3.65% compounded daily, how much is the daily repayment?
a. 15.3
b. 23.5
C. 10
d. 7.4

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