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
Here is the question:
What single payment on Dec 1st is equivalent to $700 due on March 1st and $950 due on May 1st if interest is charged at 8.15%?
The answer according to the book is
$1,737.95 -- Is anyone able to help??
Here is the question:
What single payment on Dec 1st is equivalent to $700 due on March 1st and $950 due on May 1st if interest is charged at 8.15%?