How much should ivan pay his friend back in 5 months

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Question: Ivan borrowed money from a friend and was supposed to pay him back $500 four months ago as well as pay him another $500 two months from now. Knowing that he will not meet either payment deadline, Ivan suggests that he will pay off his debts in a single payment 5 months from now. If money is worth 4.2% per annum, how much should Ivan pay his friend back in 5 months?

Reference no: EM133394852

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