Find the equated date at which the original payments are equivalent to the single payment State your answer in years and months (from 0 to 11 months) Original Payments Single Payment $1047 00 due today and $1308.00 due in 4 years Interest Rate 5% Frequency of Conversion semi-annuaty $2624 59

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 8E: Cash Flow Amounts R. Lee Rouse borrows 10,000 that is to be repaid in 24 equal monthly installments...
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Find the equated date at which the originat payments are equivalent to the single payment State your answer in years and months (from 0 to 11 months)
Original Payments
Single Payment
$1047 00 due today and
$1308.00 due in 4 years
Interest
Rate
5%
Frequency of
Conversion
semi-annually
$2624 59
In year(s) and month(s) the single payment will be equivalent to the original payments
Transcribed Image Text:KE Find the equated date at which the originat payments are equivalent to the single payment State your answer in years and months (from 0 to 11 months) Original Payments Single Payment $1047 00 due today and $1308.00 due in 4 years Interest Rate 5% Frequency of Conversion semi-annually $2624 59 In year(s) and month(s) the single payment will be equivalent to the original payments
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