Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question
A 305.
Transcribed Image Text:Find the equated date at which the original payments are equivalent to the single payment. State your answer in years
and months (from 0 to 11 months).
Original Payments
$1863.00 due today and
$787.00 due in 6 years
Interest
Rate
9%
Frequency of
Conversion
monthly
Single Payment
$3222.29
In year(s) and month(s) the single payment will be equivalent to the original payments.
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