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What total payment made today would place the payee in the same financial position as the scheduled payi 4.25%? (Do not round intermediate calculations and round your final answer to 2 decimal places.) ents il mo Equivalent payment 24

What total payment made today would place the payee in the same financial position as the scheduled payi 4.25%? (Do not round intermediate calculations and round your final answer to 2 decimal places.) ents il mo Equivalent payment 24

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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A payment of $870 scheduled to be paid today and a second payment of $1,160 to be paid in nine months from today are to be replaced by a single equivalent payment. What total payment made today would place the payee in the same financial position as the scheduled payments if money can earn 4.25%? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Equivalent payment $4 5. of 7 Next >
Transcribed Image Text:A payment of $870 scheduled to be paid today and a second payment of $1,160 to be paid in nine months from today are to be replaced by a single equivalent payment. What total payment made today would place the payee in the same financial position as the scheduled payments if money can earn 4.25%? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Equivalent payment $4 5. of 7 Next >
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