Question
A $980 payment was due 13 months ago and a $760 payment is due in 2 months from today. Rounding answers to two decimal places,
A $980 payment was due 13 months ago and a $760 payment is due in 2 months from today. Rounding answers to two decimal places, If money earns 6.1% simple interest,
a. What is the economically equivalent value of the $980 payment TODAY?
b. What is the economically equivalent value of the $760 payment TODAY?
c. Combined equivalent value TODAY ?
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To solve this problem we need to use the formula for simple interest I P r t where I interest earned ...
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Fundamental Accounting Principles Volume II
Authors: Larson Kermit, Jensen Tilly
14th Canadian Edition
71051570, 0-07-105150-3, 978-0071051576, 978-0-07-10515, 978-1259066511
