Question

2. A total debt of $9,000 due four years from now and $6,000 due 68 months from now is to be repaid by three payments as follows: 12 months (i) a first payment at the end of the first year; (ii) a second payment at the end of 30 months from now and is 60% more than the first payment; (iii) a third payment that is 10% less than the second payment and is made five years from now. GO months Interest is 2.4% APR compounding monthly. Find the amount of the three payments. Carry at least five decimals in all of your calculations. Round your final answers up to the nearest dollar. A complete money-time diagram and equation of value are required for full points. (12 points)