Scheduled payments of $825, $352, and $ 1045 are due in one year, four and a half years, and five anda half years respectively. What is the equivalent single replacement payment two and a half years fromnow if interest is 3.1% compounded semi annually?

The term equivalent payment considers the original amount along with the interest to date. The…

Answered: Scheduled payments of $825, $352, and $…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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Scheduled payments of $825, $352, and $ 1045 are due in one year, four and a half years, and five and a half years respectively. What is the equivalent single replacement payment two and a half years from now if interest is 3.1% compounded semi annually?