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Effective annual discount rate

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Jones agrees to pay an amount of 2x at the end of 3 years and an amount of X at the end of 6 years. In return he will receive $2,000 at the end of 4 years and $3,000 at the end of 8 years.

At an 8% effective annual discount rate, what is the size of Jones' second payment, X? (use a decimal number, rounded to the nearest 100th. For example, 1234.56)

Reference no: EM133272724

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