In year(s) and month(s) the single payment will be equivalent to the original payments

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
Section: Chapter Questions
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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: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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