Question
Marilyn was supposed to pay $1490 to Bernice on March 5. Sometime later Marilyn paid Bernice an equivalent payment of $1563.15, allowing for a time
Marilyn was supposed to pay $1490 to Bernice on March 5. Sometime later Marilyn paid Bernice an equivalent payment of $1563.15, allowing for a time value of money of 3.6% compounded monthly. When did Marilyn make the payment? (Do not round your intermediate calculations and round your answer to the nearest month.) Marylin made the payment months later.
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
