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Home Q & A Board Science-Related Homework Help Mathematics
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majarm majarm
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6 years ago
A debt can be repaid by payments of $1000.00 today, and $3000.00 in two years. What single payment would settle the debt three years from now if money is worth 16% p.a. compounded semi-annually?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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#1
6 years ago
Let the single payment be $x. Let the focal date be 3 years from now. i = 0.08.
x = 1000.00(1.08)6 + 3000.00(1.08)2
x = 1000.00(1.586874323) + 3000.00(.1664)
x = 1586.87 + 3499.20
x = $5086.07
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