Sam receives a loan of $40,000 from Danny today and will receive $60,000 more at the

end of 1 years. Sam will pay $20,000 at the end of 3 years, $30,000 at the end of 5

years, and a final payment at the end of 6 years. If money is worth 9% effective, (a) find

the final payment using end of 5 years as focal date; and (b) check by using another

convenient focal date.