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Mr. Joyful owes $7899 now and $2162 in 7 months. After rearrangement of payments, he agreed to pay $X in 10 months and $2X in

Mr. Joyful owes $7899 now and $2162 in 7 months. After rearrangement of payments, he agreed to pay $X in 10 months and $2X in 18 months from now. Determine the value of $X with j12 = 11.51% per annum.

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ANSWER To solve this problem we can use the formula for present value of an annuity PV PMT 1 11 in i Where PV present value of the annuity PMT payment ... blur-text-image

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