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A payment of $2,500 is due in 2 years and $3,800 is due in 4 years. These two original payments are to be rescheduled with a payment of $1,950 in 1 year and the balance in 3 years. Calculate the payment required in 3 years for the rescheduled option. Assume that money earns 4.25% compounded semi-annually. $4,107.07 X Round to the nearest cent $4,129.78

A payment of $2,500 is due in 2 years and $3,800 is due in 4 years. These two original payments are to be rescheduled with a payment of $1,950 in 1 year and the balance in 3 years. Calculate the payment required in 3 years for the rescheduled option. Assume that money earns 4.25% compounded semi-annually. $4,107.07 X Round to the nearest cent $4,129.78

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A payment of $2,500 is due in 2 years and $3,800 is due in 4 years. These two original payments are to be rescheduled with a payment of $1,950 in 1 year and the balance in 3 years. Calculate the payment required in 3 years for the rescheduled option. Assume that money earns 4.25% compounded semi-annually. $4,107.07 Round to the nearest cent $4,129.78
Transcribed Image Text:A payment of $2,500 is due in 2 years and $3,800 is due in 4 years. These two original payments are to be rescheduled with a payment of $1,950 in 1 year and the balance in 3 years. Calculate the payment required in 3 years for the rescheduled option. Assume that money earns 4.25% compounded semi-annually. $4,107.07 Round to the nearest cent $4,129.78
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