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6) Scheduled payments of $26,000 due now and $23,000 due in ten months are to be settled by a payment of $25,000 in five months
6) Scheduled payments of $26,000 due now and $23,000 due in ten months are to be settled by a payment of $25,000 in five months and a final payment in twenty months. Determine the amount of the final payment at 5.5% compounded monthly using twenty months from now as the focal date. [3 marks]
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