Ryan had to make payments of $2,000 in 6 months and $3,000 in 18 months,...
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Finance
Ryan had to make payments of $2,000 in 6 months and $3,000 in 18 months, respectively, to a raw material supplier. What single payment 12 months from today would settle both of these payments? Assume a simple interest rate of 6% per year.
Select one:
a.$4,733.19
b.$4,496.68
c.$4,972.62
d.$4,725.29
e.$4,799.28
The answer is C but how to calculate it? Thank you!
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