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Problem # 7: (4 Marks) Mr. Ahmad owes $5700 due in 4 years and $8500 due in 7 years. He and his creditor agreed to

Problem # 7: (4 Marks)

Mr. Ahmad owes $5700 due in 4 years and $8500 due in 7 years. He and his creditor agreed to settle the debts by 2 equal payments one in 5 years and the other in 10 years. Find the size of each payment if money is worth 6% compounded semi- annually?

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