Question
Teresita has three financial obligations to the same person: $2,700 due in 1 year, $1,900 due in 1.5 years, and $1,100 due in 3 years.
Teresita has three financial obligations to the same person: $2,700 due in 1 year, $1,900 due in 1.5 years, and $1,100 due in 3 years. Each obligation accrues interest at the rate of 9% compounded monthly from a date nine months ago when the obligations were incurred. She wishes to settle the obligations with a single payment in 2.25 years, when her inheritance will be released from her mother's estate. What amount should the creditor accept if money can earn 6% compounded quarterly? (Do not round the intermediate calculations. Round your answer to the nearest cent.)
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