Interest compounded semi-annually

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Question

A businessman has to settle a debt of 4 equal semi-annual payments of ?50,000 at 9% rate of interest compounded semi-annually. However, he was not able to do so. Instead, he negotiated with the bank to settle it into 8 quarterly payments at the same 9% interest rate but compounded quarterly. How much should the new payments be?

Reference no: EM133223229

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