Question

9. (15 points A total debt of $5000 due 25 months from now and $3500 due 5 years from now is to be repaid by the following 3 payments: - The first payment is made 1 year from now, - The second payment is double the first and is made 3 years from now, - The third payment is the same as the second and made 4 years from now. Interest is at a nominal rate of 3.6% compounded monthly. Find the amount of each payment rounded up to the nearest dollar (A complete answer requires a money-time line and an equation of value.)