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Steven was supposed to make a payment of $ 2 , 2 5 0 in 1 year and another payment for $ 9 0 0
Steven was supposed to make a payment of $ in year and another payment for $ in years to Maroon Inc. as part of a payment plan. Instead, she is trying to reach an agreement with the company where she would settle both payments in years. Assume that money is worth compounded semiannually.
a Calculate the equivalent value of the $ payment and the $ payment today.
Round to the nearest cent
b Calculate the size of the payment required in years to settle the amount.
Round to the nearest cent
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