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QUESTION
Ramon wishes to replace payments of $900 due today and $500 due in 22 months by a single equivalent payment 18 months from now. If money is worth
Ramon wishes to replace payments of $900 due today and $500 due in 22 months by a single equivalent payment 18 months from now. If money is worth 4.8% compounded monthly, what should that payment be? Interim calculations to 3 decimals, final answer rounded to the nearest cent
