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1. (9 points) Ali wishes to replace payments of $950 due today and $1200 due in 22 months by a single equivalent payment 18 months

1. (9 points) Ali wishes to replace payments of $950 due today and $1200 due in 22 months by a single equivalent payment 18 months from now. If money is worth 3.8% compounded monthly, what should that payment be? Interim calculations to 3 decimals, final answer rounded to the nearest cent

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