Two scheduled debt payments of $671 each are due two months and nine months from now respectively. If interest at 5% is allowed, what single payment today is required to settle the two scheduled payments? The single payment required to settle the two scheduled payments is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Question 10, 7.5.1
Two scheduled debt payments of $671 each are due two months and nine months from now respectively. If interest at 5% is allowed, what single payment today is required to settle the two scheduled payments?
The single payment required to settle the two scheduled payments is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:= Homework: Homework 3 Question 10, 7.5.1 Two scheduled debt payments of $671 each are due two months and nine months from now respectively. If interest at 5% is allowed, what single payment today is required to settle the two scheduled payments? The single payment required to settle the two scheduled payments is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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