You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. SilverResearch would let you make quarterly payments of $9,130 for 3 years at an interest rate of 3.27 percent per quarter. Your firstpayment to Silver Research would be today. Island Research would let you make monthly payments of $3,068 for 3 years at an interestrate of X percent per month. Your first payment to Island Research would be in 1 month. 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

To determine the monthly interest rate XXX for Island Research, we need to compare the present…

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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