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Scheduled payments of $595, $738, and $603 are due in one-and-a-half years, four-and-a-half years, and five-and-a-half years respectively. What is the equivalent single replacement payment three years from now if interest is 6% compounded monthly?

Scheduled payments of $595, $738, and $603 are due in one-and-a-half years, four-and-a-half years, and five-and-a-half years respectively. What is the equivalent single replacement payment three years from now if interest is 6% compounded monthly?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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It is 595,738 and 603 , please properly 

Scheduled payments of $595, $736, and $603 are due in one-and-a-half years, four-and-a-half years, and five-and-a-half years respectively. What is the equivalent single replacement payment three years from now if interest is 6% compounded monthly? OB The equivalent single replacement payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:Scheduled payments of $595, $736, and $603 are due in one-and-a-half years, four-and-a-half years, and five-and-a-half years respectively. What is the equivalent single replacement payment three years from now if interest is 6% compounded monthly? OB The equivalent single replacement payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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