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Henrick, a Candian hockey player, agreed to a contract whereby he was to receive $40000 in 6 months, $60000 in 8 months and $100000 in
Henrick, a Candian hockey player, agreed to a contract whereby he was to receive $40000 in 6 months, $60000 in 8 months and $100000 in 18 months. The deal was renegotiated after 4 months when he received a payment of $30000. He agreed to accept payment of $172000 at a later date. When would Henrick receive the payment if money is worth 6% compounded monthly?
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