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
icon
Related questions
Question

Need only handwritten solution only (not typed one).

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.
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.
Expert Solution
steps

Step by step

Solved in 4 steps with 3 images

Blurred answer
Similar questions
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,