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A person buys a truck to transport his cane harvest and settles it as follows: an initial fee of $9,500,000; a payment at 3 months
A person buys a truck to transport his cane harvest and settles it as follows: an initial fee of $9,500,000; a payment at 3 months for $6,800,000 and another payment for $8,200,000 5 months after the previous one. Shortly before making the second payment, he decides with his creditor to change the 2 commitments for 4 monthly ones, making the first 4 months after the purchase. What is the value of these payments with an interest rate of 14% per year compounded monthly, considering: a) payments: 1, 2, and 3 equal; payment 4 is equal to three times the first Select one: a. payments 1, 2 and 3 = $2,464,416.89 payment 4 = $7,393,250.66 b. payments 1, 2 and 3 = $2,438,637.09 payment 4 = $7,438,911.28 c. payments 1, 2 and 3 = $2,479,637.09 payment 4 = $7,438,911.28
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