A $5000 payment due 1½ years ago has not been paid. If money can earn 8.25% compounded annually, what amount paid 2½ years from now would be the economic equivalent of the missed payment?

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The Answer of A $5000 payment due 1½ years ago has not been paid. If money can earn 8.25% compounded annually, what amount paid 2½ years from now would be the economic equivalent of the missed payment?

A $5000 Payment Due 1½ Years Ago Has Not Been