Question
A debt of $6234 is due at the end of 5 years. It is proposed that $X be paid now, with another $X paid in
A debt of $6234 is due at the end of 5 years. It is proposed that $X be paid now, with another $X paid in 10 years time to liquidate the debt. Calculate the value of X (amount in dollars) if the effective annual compounding interest rate is 9.8% for the first 6 years, and 11.7% for the next 4 years.
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Personal Finance
Authors: Jeff Madura, Hardeep Singh Gill
3rd Canadian Edition
978-0133035575, 133035573, 978-0133970524, 133970523, 978-0134040042
