What is the present equivalent of a uniform series of quarterly payments of $4,500 each for 8 years and a quarterly payments $2,000 of the next 5 years if the interest rate is 8% compounded bimonthly?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...
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What is the present equivalent of a uniform series of
quarterly payments of $4,500 each for 8 years and a
quarterly payments $2,000 of the next 5 years if the
interest rate is 8% compounded bimonthly?
Round your answer to 2 decimal places.
Transcribed Image Text:What is the present equivalent of a uniform series of quarterly payments of $4,500 each for 8 years and a quarterly payments $2,000 of the next 5 years if the interest rate is 8% compounded bimonthly? Round your answer to 2 decimal places.
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