Loans of $1600.00, $8300.00, and $12,100.00 are due now, in four years, and in seven years respectively. What is the equivalent single sum of money due three and a half years from now if interest is 10.8% compounded monthly? Select one: a. $22,000.00 b. $18,626.80 c. $18,501.94 d. $21,278.29
Loans of $1600.00, $8300.00, and $12,100.00 are due now, in four years, and in seven years respectively. What is the equivalent single sum of money due three and a half years from now if interest is 10.8% compounded monthly? Select one: a. $22,000.00 b. $18,626.80 c. $18,501.94 d. $21,278.29
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 41P
Related questions
Question
Loans of $1600.00, $8300.00, and $12,100.00 are due now, in four years, and in seven years respectively. What is the equivalent single sum of money due three and a half years from now if interest is 10.8% compounded monthly?
Select one:
a.
$22,000.00
b.
$18,626.80
c.
$18,501.94
d.
$21,278.29
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