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Mr. Looney has three debts to the same creditor: RM300 due today, RM250 due in 2 years, and RM425 due in 3 years 11 months.

Mr. Looney has three debts to the same creditor: RM300 due today, RM250 due in 2 years, and RM425 due in 3 years 11 months. Unable to fulfill this obligation, Mr. Looney arrange with creditor to make two alternative payments: RM350 in nine months and a second payment due in two years. Mr. Looney agree upon an interest rate of 9.84% compounded monthly. What is the amount of the second payment?

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