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Scheduled payments of $804 due three years ago and $681 due in five years are to be replaced by two equal payments. The first replacement
Scheduled payments of $804 due three years ago and $681 due in five years are to be replaced by two equal payments. The first replacement payment is due in two years and the second payment is due in eight years. Determine the size of the two replacement payments if interest is 7.4% compounded quarterly and the focal date is two years from now.
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