simple interest - equivalent payments

[MathJCS]

Hi. I have gone over this question several times and I continue to get the wrong answer. I need some help as to the steps involved to come to the final answer.

The answer according to the book is

$1,737.95 -- Is anyone able to help??
​

Here is the question:

What single payment on Dec 1^st is equivalent to $700 due on March 1^st and $950 due on May 1^st if interest is charged at 8.15%?

 

[JeffM]

Hi. I have gone over this question several times and I continue to get the wrong answer. I need some help as to the steps involved to come to the final answer.

The answer according to the book is

$1,737.95 -- Is anyone able to help??
​

Here is the question:

What single payment on Dec 1^st is equivalent to $700 due on March 1^st and $950 due on May 1^st if interest is charged at 8.15%?

This question is ambiguous to say the least.

Please repost the problem exactly as given in the book and show your work so we can see where (or even if) you are going wrong.