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A person owes $4000 ten (10) months from now. It is agreed that she can, instead, pay $X now and another $2000 two years from
A person owes $4000 ten (10) months from now. It is agreed that she can, instead, pay $X now and another $2000 two years from now to replace the given debts. If simple interest is r=9%, what is X using 8 months as the focal date? The Answer is 2033.18, please give a detailed explanation on how to get this. I will like the response thank you!
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