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Question
Paula is unable to make a $4500 payment due today. She proposes to settle the obligation by making two equal payments—one in four months and a second in nine months. What must each payment be to make the proposed payment stream equivalent to the scheduled payment if money can earn 3.2% compounded monthly?
▸ $2,452.80 ▸ $2,852.80 ▸ $2,492.80 ▸ $1,452.80 ▸ $3,452.80
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