Payments of $2,600, due 50 days ago, and $3,100, due in 40 days, are to be replaced by $3,000 today and another payment in 30 days. What must the second payment be if the payee is to end up in an equivalent financial position? Money now earns 8.25%. Use 30 days from now as the focal date.

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The Answer of Payments of $2,600, due 50 days ago, and $3,100, due in 40 days, are to be replaced by $3,000 today and another payment in 30 days. What must the second payment be if the payee is to end up in an equivalent financial position? Money now earns 8.25%. Use 30 days from now as the focal date.

Payments of $2,600, Due 50 Days Ago, and $3,100, Due