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(16) A payment of $3500 was due today and $6000 in 3.5years. A new payment schedule was made allowing for two equal payments, one

(16) A payment of $3500 was due today and $6000 in 3.5years. A new payment schedule was made allowing for two equal payments, one in 1 year and another in 4 years. If interest is 6% compounded quarterly, what is the size of the replacement payments?

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