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  3. ali wishes to replace payments of $1050 due today

Ali wishes to replace payments of $1050 due today and $1250 due in 22 months by...

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Basic Math

  1. Ali wishes to replace payments of $1050 due today and $1250 duein 22 months by a single equivalent payment 18 months from now. Ifmoney is worth 3.8% compounded monthly, what should that paymentbe?

Interim calculations to 3 decimals,final answer rounded to the nearest cent.  

(Total: 9 marks)

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