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Cony must pay a creditor $100 one year from now, $200 two years from now, $300 three years now, $400 four years from now.

Cony must pay a creditor $100 one year from now, $200 two years from now, $300 three years now, $400 four years from now. Cony would like to restructure the loan into four equal payments due at the end of each year. If the agreed upon interest rate is 8% compounded annually, what is the payment?

$176.70

$240.40

$796.22

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First find the PV of the unequal cash... View the full answer

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