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Three payments of $2000 each (originally due six months ago, today, and six months from now) have ...

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Three payments of $2000 each (originally due six months ago, today, and six months from now) have ...

Three payments of $2000 each (originally due six months ago, today, and six months from now) have been renegotiated to two payments: $3000 due one month from now and a second payment due in four months. What must the second payment be for the replacement payments to be equivalent to the originally scheduled payments? Assume that money can earn an interest rate of 4%. Choose a focal date four months from now.

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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ericayi Author

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Brilliant ツ

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