Scheduled payments of $696, $1415, and $1358 are due in 1.5 years, 4 years, and 6...
Scheduled payments of $696, $1415, and $1358 are due in 1.5 years, 4 years, and 6 years respectively. What is the equivalent single replacement payment 2 years from now if interest is 3.3 % compounded annually?
Homework Answers
Single payment after 2 years is equal to value of all payments on that date
Present value = future value/(1+interest rate)^number of periods
696*(1+3.3%*6/12) + 1415/(1.033)^2 + 1358/(1.033)^4
=$707.484 + 1326.04 + 1192.61
=$3226.134
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