Question
A businessman has to settle a debt of 4 equal semi-annual payments of 50,000 at 9% rate of interest compounded semi-annually. However, he was not
A businessman has to settle a debt of 4 equal semi-annual payments of 50,000 at 9% rate of interest compounded semi-annually. However, he was not able to do so. Instead, he negotiated with the bank to settle it into 8 quarterly payments at the same 9% interest rate but compounded quarterly. How much should the new payments be?
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Microeconomics
Authors: Robert Pindyck, Daniel Rubinfeld
8th edition
978-0132870436, 132870436, 013285712X, 978-0133371178, 133371174, 978-0132857123
