A contract requires that Bob makes payments of $1661 and $2808 to Jim 27 and 51 months respectively. Bob would like to change the payment structure to a payment of $1550 today, and a second payment ma

Posted: December 30th, 2021

A contract requires that Bob makes payments of $1661 and $2808 to Jim 27 and 51 months respectively. Bob would like to change the payment structure to a payment of $1550 today, and a second payment made 42 months from today. If the two sets of payments are economically equivalent, and the interest rate is 4.4% compounded quarterly, then what is the amount of the second payment?
Give your answer rounded to the nearest cent.