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7) Spider man was supposed to pay CIBC $25,000 a year ago and $18,000 in 6 months from now. RBC agreed to accept two equal

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7) Spider man was supposed to pay CIBC $25,000 a year ago and $18,000 in 6 months from now. RBC agreed to accept two equal payments due today and 9 months from now. Compute the size of the two equal payments at 5% compounded quarterly. Use today as the focal date. [3 marks]

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