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Charles had to make payments of $1,450 and $2,950 in 11 months and 16 months,...

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Finance

Charles had to make payments of $1,450 and $2,950 in 11 months and 16 months, respectively, to a raw material supplier. What single payment in 5 months would settle both these payments? Assume an interest rate of 7.70% p.a. and use 5 months as the focal date.

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