On January 1, 2000, Matt has the following two options for repaying a loan:
i) Sixty monthly payments of $ 100 beginning February 1, 2000.
ii) A single payment of $ 6500 at the end of K months.
Interest is at a nominal annual rate of 4 % compounded bimonthly. The two options have the same present value. Determine K. (Round to the nearest integer.)
K =
months.