A payment of $11,710 is due in 1 year, $19,500 is due in 4 years, and $8,400 is due in 6 years. What single equivalent payment made today would replace the three original payments? Assume that money earns 3.50% compounded monthly.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A payment of $11,710 is due in 1 year, $19,500 is due in 4 years, and $8,400 is due in 6
years. What single equivalent payment made today would replace the three original
payments? Assume that money earns 3.50% compounded monthly.
$0.00
Round to the nearest cent
Transcribed Image Text:A payment of $11,710 is due in 1 year, $19,500 is due in 4 years, and $8,400 is due in 6 years. What single equivalent payment made today would replace the three original payments? Assume that money earns 3.50% compounded monthly. $0.00 Round to the nearest cent
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