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QUESTION 4 Payment of $904 due 2 months ago and $433 due today are to be repaid by a payment of $400 one month from

QUESTION 4

Payment of $904 due 2 months ago and $433 due today are to be repaid by a payment of $400 one month from today and the balance in 8 months from now. If money is worth 5% compounded monthly, and the agreed focal date is 8 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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