# Drilling machine

A manufacturing firm purchased a heavy duty drilling machine. They were given two payment options:
Option 1: Make a payment of $46,000 immediately to settle the invoice for the machine. Option 2: Make a payment of$21,500 immediately and the balance of \$23,550 in 3 months to settle the invoice.
If money is worth 4.12% compounded quarterly, answer the following:
What is the total present value of Option 2?

Correct result:

a =  45935.8 USD

#### Solution:

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Showing 1 comment:
Dr Math
From our user:

Hi Peter,

Thank you for your time, I have checked your answer and it is still showing as wrong.

Tips to related online calculators
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