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Payments of $1,040 scheduled to be paid today and $1,330 to be paid in nine months are to be replaced by a single equivalent payment
| Payments of $1,040 scheduled to be paid today and $1,330 to be paid in nine months are to be replaced by a single equivalent payment today. |
| What total payment made today would place the payee in the same financial position as the scheduled payments if money can earn 5 1/4%? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Equivalent payment = ? |
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