A payment of $700 is due in 3 years, and $5,000 is due in 5 years. What single payment made today would be equivalent to these original payments? Assume that money earns 4.50% compounded quarterly. $0.00 Round to the nearest cent
A payment of $700 is due in 3 years, and $5,000 is due in 5 years. What single payment made today would be equivalent to these original payments? Assume that money earns 4.50% compounded quarterly. $0.00 Round to the nearest cent
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![A payment of $700 is due in 3 years, and $5,000 is due in 5 years. What single payment
made today would be equivalent to these original payments? Assume that money earns
4.50% compounded quarterly.
$0.00
Round to the nearest cent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8badde1d-dc58-4514-8d43-6a734b2b592a%2F74d4dda8-d2c7-40cd-8ed1-e65d7974aff4%2Fl6vfkin_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A payment of $700 is due in 3 years, and $5,000 is due in 5 years. What single payment
made today would be equivalent to these original payments? Assume that money earns
4.50% compounded quarterly.
$0.00
Round to the nearest cent
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