question archive A payment of $940 scheduled to be paid today and a second payment of $1,230 to be paid in six months from today are to be replaced by a single equivalent payment
A payment of $940 scheduled to be paid today and a second payment of $1,230 to be paid in six months from today are to be replaced by a single equivalent payment
Subject:FinancePrice:2.86 Bought7
A payment of $940 scheduled to be paid today and a second payment of $1,230 to be paid in six months from today are to be replaced by a single equivalent payment. What total payment made today would place the payee in the same financial position as the scheduled payments if money can earn 5.25%? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Equivalent payment $
