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What is the size of the last payment

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Reference no: EM132412275

A contract is valued at $28 000 and it requires payments of $6500 every 6 months. The first payment is due in 5 years and interest is 12% compounded semi-annually.

a) How many payments are required?

b) What is the size of the last payment?

Reference no: EM132412275

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