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Our customer missed a scheduled payment of $4,700 three months ago. To settle the debt, the customer is proposing to make two equal payments, one
Our customer missed a scheduled payment of $4,700 three months ago. To settle the debt, the customer is proposing to make two equal payments, one in six months from now, and the other in nine months from now. If money is worth 6.8% compounded quarterly, what must the size of the equal payments be in order for those payments to be economically equivalent to the originally scheduled payment? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
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