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A person owes $500 due in 6 months and $500 due in 12 months. The lender agrees to allow the person to pay off these

A person owes $500 due in 6 months and $500 due in 12 months. The lender agrees to allow the person to pay off these two debts with a single payment to liquidate these obligations at a compound rate of j12=12% per annum, determine the amount of single payment required:

A.

$918.88

B.

$1000.00

C.

$916.70

D.

$914.75

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