Payment of $968 due 2 months ago and $415 due today are to be repaid by a payment of $400 one month from today and the balance in 11 months from now. If money is worth 4% compounded monthly, and the agreed focal date is 11 months from today. What is the size of the final payment? Please express your answer to the nearest dollar. Sample input: 2456 for $2456.
Payment of $968 due 2 months ago and $415 due today are to be repaid by a payment of $400 one month from today and the balance in 11 months from now. If money is worth 4% compounded monthly, and the agreed focal date is 11 months from today. What is the size of the final payment? Please express your answer to the nearest dollar. Sample input: 2456 for $2456.
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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Transcribed Image Text:Payment of $968 due 2 months ago and $415
due today are to be repaid by a payment of
$400 one month from today and the balance in
11 months from now. If money is worth 4%
compounded monthly, and the agreed focal
date is 11 months from today. What is the size
of the final payment? Please express your
answer to the nearest dollar. Sample input:
2456 for $2456.
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