Multiple Choice
A $3,000 obligation due eight months from now is settled by two equal payments, one five months from now and the other nine months from now. If money can earn interest at 16%, what is the size of each payment? Use a focal date five months from now.
A) $3,038.46
B) $1,723.64
C) $861.82
D) $1,479.77
E) $2,959.54
Correct Answer:
Verified
Correct Answer:
Verified
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