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Jay's Pharmacy owes the same creditor two debts of $6,000 due one year ago and $7,500 due in two years. Jay has proposed making two
Jay's Pharmacy owes the same creditor two debts of $6,000 due one year ago and $7,500 due in two years. Jay has proposed making two alternative payments of $10,000 due in three months and a final payment in 2 years. If the creditor is agreeable to this proposal and wants an interest rate of 9% compounded quarterly, what is the amount of the final payment?
(please put values that you would put into calculator for example: PMT= , C/Y= , P/Y = , N= , I/Y= PV= FV=)
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