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Ihor Shub has to pay two debts, $4000 and $3000. One is due in eight months and the other in three years. How much must

Ihor Shub has to pay two debts, $4000 and $3000. One is due in eight months and the other in three years. How much must he pay today in order to cover his debts, if the money value is 4% compounded quarterly? How much money would Ihor save if he covered his debts today?

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