A payment of $5,080 was due 4 months ago and another payment of $2,210 is due in 13 months. Assuming an interest rate of 4.7% p.a., determine a single equivalent payment 4 months from now that settles the two payments? (Hint: use 4 months from now as the focal date.) $
A payment of $5,080 was due 4 months ago and another payment of $2,210 is due in 13 months. Assuming an interest rate of 4.7% p.a., determine a single equivalent payment 4 months from now that settles the two payments? (Hint: use 4 months from now as the focal date.) $
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 $5,080 was due 4 months ago and another payment of $2,210 is due in 13 months. Assuming an interest rate of 4.7% p.a., determine a single equivalent payment 4 months from now that settles the two payments? (Hint: use 4 months from now as the focal date.) $
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