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Scheduled payments of $5,000 due in three months and $4,500 due in thirty months are to be replaced by two equal payments. The first replacement
Scheduled payments of $5,000 due in three months and $4,500 due in thirty months are to be replaced by two equal payments. The first replacement payment is due today and the second payment is due in three years. Determine the size of the two equal replacement payments if interest is 5% compounded monthly and the focal date is today.
-Bomac Steel contributes $4,250 at the beginning of every six months for 7 years into a fund that was earning interest at 4.75% compounded quarterly. How much will be in the fund at the end of 7 years?
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