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Home Q & A Board Science-Related Homework Help Mathematics
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ikrabbe ikrabbe
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6 years ago
Debt payments of $1400.00 due today, $5100.00 due in twenty-one months, and $1900.00 due in 4.5 years are to be combined into a single payment due three years from now. What is the size of the single payment if interest is 8.04% p.a. compounded quarterly?
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 and the focal date be 3 years from now.
x = 1400.00(1.0201)12 + 5100.00(1.0201)5 + 1900.00(1.0201)-6
x = 1400.00(1.2697346) + 5100.00(1.1046221) + 1900.00(.8874492)
x = 1777.63 + 5633.57 + 1686.15
x = $9097.35
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