29 Jun Miquel was supposed to make three payments of
Question
Miquel was supposed to make three payments of $2500 each–the first one year ago, the second one year
from now, and the third three years from now. He missed the first payment and proposes to pay $4000
today and a second amount in two years. If money can earn 3.5% compounded semiannually, what must
the second payment be to make the proposed payments equivalent to the scheduled payments? (Round
your answer to 2 decimal places.)
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