Short Answer
Teresa has three financial obligations to the same person: $2,700 due in 1 year, $1,900 due in 1½ years, and $1,100 due in 3 years. She wishes to settle the obligations with a single payment in 2¼ years, when her inheritance will be released from her mother's estate. What amount should the creditor accept if money can earn 6% compounded quarterly?
Correct Answer:
Verified
Correct Answer:
Verified
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