Use the right formula and rounding correctly I have asked this question four times and all the answers have been incorrect. You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. OrangeTechnology would let you make quarterly payments of $13,650 for 8 years at an interest rate of 1.93 percent per quarter. Your firstpayment to Orange Technology would be in 3 months. Island Technology would let you make monthly payments of $7,976 for 4 yearsat an interest rate of X percent per month. Your first payment to Island Technology would be today. What is X?Input instructions: Input your answer as the number that appears before the percentage sign. For example, enter 9.86 for 9.86% (donot enter .0986 or 9.86%). Round your answer to at least 2 decimal places.percent

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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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You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. Gray Media would let you make quarterly payments of $14,000 for 6 years at an interest rate of 1.50 percent per quarter. Your first payment to Gray Media would be in 3 months. Island Media would let you make monthly payments of $X for 4 years at an interest rate of 1.35 percent per month. Your first payment to Island Media would be today. What is X? Input instructions: Round your answer to the nearest dollar. 99
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