Joel’s furniture had a financial agreement whereby two payments were required; $14000 in 8 months and $15000 in 14 months. Instead of these two payments, a single payment of $29000 could be made. If money is worth 10% compounded monthly, when would the single payment have to be made?

Step-by-step explanation:

#We find the effective annual interest rate given 10% compounded monthly:

#find the sum of future values of $14000 after 8 months and $15000 after 14 months using :

#The future value of the single payment should be equal to the future value of the partial payments at :

Hence, the single payment has to be made approximately 13 months from now.

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step-by-step explanation: