A payment of $11,740 is due in 1 year, $16,500 is due in 5 years,...
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A payment of $11,740 is due in 1 year, $16,500 is due in 5 years, and $8,550 is due in 6 years. What single equivalent payment made today would replace the three original payments? Assume that money earns 5.50% compounded monthly.
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