Asked by Ify

marylin was supposed to pay $1460 to Bernice by March 2. Some time later Marylin paid Bernice an equivalent of $1552.84, allowing for a time value of money of 3.9% compounded monthly. When did marylin make the payment?
Answered by Steve
1460(1+.039/12)^(12t) = 1552.84
t = 1.583 years, or 19 months
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