Two payments of $7,500 each must be made three years and six years from now. If money can earn 8.4% compounded monthly, what single payment, four years from now, would be equivalent to the two scheduled payments?
A) $13,218
B) $18,638
C) $15,501
D) $14,499
E) $22,034

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The Answer of Two payments of $7,500 each must be made three years and six years from now. If money can earn 8.4% compounded monthly, what single payment, four years from now, would be equivalent to the two scheduled payments?
A) $13,218
B) $18,638
C) $15,501
D) $14,499
E) $22,034

Two Payments of $7,500 Each Must Be Made Three Years