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NEED ANSWER QUICKLY. Please solve without using previous answers because other answers on chegg are wrong. show final solution What amount of money invested today
NEED ANSWER QUICKLY. Please solve without using previous answers because other answers on chegg are wrong. show final solution
What amount of money invested today is required to support 16 semi-annual "annuity" payments of $1900, with the first payment starting exactly 5 years from today. Assume money earns an interest rate of 7% compounded semi-annually. A business owns its creditors two loan re-payments in the near future. The first payment of $4300 is due in 6 months from today, and the second payment of $3500 is due 12 months from today. Assume that the interest rate being charged by the lenders is 6.2% compounded monthly. What single replacement payment three months from today should pay off the business loan (in place of the two original scheduled re-payments)Step by Step Solution
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