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(1 point) Phil owes $500 in 8 months with simple interest at 8% and $725 due in 16 months with simple interest at 8.5%. He

(1 point) Phil owes $500 in 8 months with simple interest at 8% and $725 due in 16 months with simple interest at 8.5%. He has the option to repay the debt in one single payment in 12 months with simple interest at 8.25%. What is the value of the single payment if the focal date is on the day of this single payment?

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