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A debt of $5500 due five years from now and $5500 due ten years from now is to be repaid by a payment of $2300
A debt of $5500 due five years from now and $5500 due ten years from now is to be repaid by a payment of $2300 in two years, a payment of $4600 in four years, and a final payment at the end of six years. If the interest rate is 2.8% compounded annually, how much is the final payment?
The final payment should be $ (Do not round until the final answer. Then round to the nearest cent as needed.)Step by Step Solution
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