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Determine the size of the two replacement payments

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Reference no: EM132592529

Scheduled payments of ?$715 due one year ago and ?$657 due in six years are to be replaced by two equal payments. The first replacement payment is due in one year and the second payment is due in seven years.

Quetsion 1: Determine the size of the two replacement payments if interest is 8.7% compounded quarterly and the focal date is one year from now.

?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)

Reference no: EM132592529

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