Question
Payment of $848 due 2 months ago and $471 due today are to be repaid by a payment of $400 one month from today and
Payment of $848 due 2 months ago and $471 due today are to be repaid by a payment of $400 one month from today and the balance in 11 months from now. If money is worth 6% compounded monthly, and the agreed focal date is 11 months from today. What is the size of the final payment?
Please express your answer to the nearest dollar. Sample input: 2456 for $2456.
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International Financial Management
Authors: Cheol S. Eun, Bruce G.Resnick
6th Edition
71316973, 978-0071316972, 78034655, 978-0078034657
