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A contract requires that Bob makes payments of $1661 and $2808 to Jim 27 and 51 months respectively. Bob would like to change the payment structure to a payment of $1550 today, and a second payment ma
A contract requires that Bob makes payments of $1661 and $2808 to Jim 27 and 51 months respectively. Bob would like to change the payment structure to a payment of $1550 today, and a second payment made 42 months from today. If the two sets of payments are economically equivalent, and the interest rate is 4.4% compounded quarterly, then what is the amount of the second payment?
Give your answer rounded to the nearest cent.
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********* ***** *********** ** ***** *****************
** * \({1661 \over ***** + {2808 \over ******** ****** + ****** = * ************* value ** ****** new ******* structure * ****** \over *********** \% ***** ****************
\)+\(\text PMT ***** *********** ** ***** *****************
\)\(= *******
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