You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. GrayMedia would let you make quarterly payments of $14,000 for 6 years at an interest rate of 1.50 percent per quarter. Your first paymentto Gray Media would be in 3 months. Island Media would let you make monthly payments of $X for 4 years at an interest rate of1.35 percent per month. Your first payment to Island Media would be today. What is X?Input instructions: Round your answer to the nearest dollar.SA$

1. Present Value Calculation for Gray Media:Gray Media offers quarterly payments of $14,000 for 6…

Answered: You want to buy equipment that is…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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