How much are each of the equal payments

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A debt of $3,000 due in four years and $5,000 due in six years is to be repaid by a single payment of $1500 now and two equal payments that are due each consecutive year from now. If the interest rate for is 5% compounded annually, how much are each of the equal payments?

Note: round your answers to 2 decimal places unless stated otherwise. Do NOT write $ & Ignore commas in expressions like 10,000 etc.

Reference no: EM133081667

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