Henrik, a Canadian hockey player, agreed to a contract whereby he was to receive $40 000 in

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Henrik, a Canadian hockey player, agreed to a contract whereby he was to receive $40 000 in 6 months, $60 000 in 8 months, and $100 000 in 18 months. The deal was renegotiated after 4 months when he received a payment of $30 000. He agreed to accept a payment of $172 000 at a later date. When should Henrik receive the payment if money is worth 6% compounded monthly?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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