Two debts, the first of $1400 due six months ago and the second of $1100 borrowed one year ago for a term of three years at 9.5% compounded annually, are to be replaced by a single payment one year from

now. Determine the size of the replacement payment if interest is 8.7% compounded quarterly and the focal date is one year from now.

The sizen of the replucement piryment is 5 Round to the nesarnst cont as needed Round all intermediato values to six decimai plicas as heieded)