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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 116
Solve each application problem. Round to the nearest cent.
STUDENT UNION A college needs $920,000 in 3 years to remodel the student union. It decides to make payments into a sinking fund at the end of each semiannual period. (a) Find the amount of each payment assuming 5% per year compounded semiannually. (b) Find the total interest earned.
STUDENT UNION A college needs $920,000 in 3 years to remodel the student union. It decides to make payments into a sinking fund at the end of each semiannual period. (a) Find the amount of each payment assuming 5% per year compounded semiannually. (b) Find the total interest earned.
Explanation
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The following table is given, 
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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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