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A scheduled payment of $4,500 due in one year is to be replaced with two...

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Finance

A scheduled payment of $4,500 due in one year is to be replaced with two payments: the first due in 4 months and the second due in 21 months. Calculate the size of the two payments if the second payment is to be twice as large as the first payment, and money can earn 3% compounded monthly. First payment:

Second payment:

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