Debts of $1000, $1200 and $1500 are due in six months, eighteen months and 4 years respectively. What is the equivalent single payment thirty months from now if money is worth 16% compounded quarterly?
Added by Harshil P.
Step 1
- The annual interest rate is 16%, so the quarterly interest rate is \( \frac{16\%}{4} = 4\% \) per quarter. Show more…
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