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Payments of $3,600, due 50 days ago, and $4,100, due in 40 days, are to...

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Finance

Payments of $3,600, due 50 days ago, and $4,100, due in 40 days, are to be replaced by payments of $4,000 due today and the balance due in 30 days. What must the second payment be if the payee is to end up in an equivalent financial position? Money now earns 8.75%. Use 30 days from now as the focal date. (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.) Second payment $

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