question archive A payment of $1,050 scheduled to be paid today and a second payment of $1,340 to be paid in eight months from today are to be replaced by a single equivalent payment
A payment of $1,050 scheduled to be paid today and a second payment of $1,340 to be paid in eight months from today are to be replaced by a single equivalent payment
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A payment of $1,050 scheduled to be paid today and a second payment of $1,340 to be paid in eight months from today are to be replaced by a single equivalent payment.
What total payment made today would place the payee in the same financial position as the scheduled payments if money can earn 6.25%? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Equivalent payment _____$
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