Question
Ramon wishes to replace payments of $900 due today and $500 due in 22 months by a single equivalent payment 18 month from now.If money
Ramon wishes to replace payments of $900 due today and $500 due in 22 months by a single equivalent payment 18 month from now.If money is worth 5% compounded monthly, what should the payment be?Use focal date 188 months from now.
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Essentials of Investments
Authors: Zvi Bodie, Alex Kane, Alan J. Marcus
10th edition
77835425, 978-0077835422
