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ikrabbe ikrabbe
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6 years ago
Moriaty owes two debt payments—a payment of $6.7 million due in twelve months and a payment of $8.75 million due in twenty-one months. If Moriaty makes a payment of $7 million now, when should he make a second payment of $7.9 million if money is worth 11.5% compounded semi-annually?
A) 26 months
B) 35 months
C) 14 months
D) 19 months
E) 21 months
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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