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When can the contract be fulfilled by a single payment

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Reference no: EM133038188

Problem - A contract requires payments of $4612.00 today, $3055.00 in 3 years, and $3975.00 in 5 years. When can the contract be fulfilled by a single payment equal to the sum of the required payments if money is worth 7% p.a. compounded monthly? State your answer in years and months (from 0 to 11 months).

Reference no: EM133038188

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