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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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