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A debt of $6,000 due today and $8,000 due 2.5 years from today is to be paid off with 2 payments. The first payment is
A debt of $6,000 due today and $8,000 due 2.5 years from today is to be paid off with 2 payments. The first payment is to be made 6 months from today, and the second payment, $5,000 larger than the first, 15 months from today. What should the two payments be if money is worth 9%, compounded quarterly? Used 15 months as the focal date. the result is 1st payment: $4,284.02; 2nd payment: $9,284.02. Please show me how to solve this.
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