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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 29
Solve the application problem. Round to the nearest cent.
A NEW SHOWROOM A Ford dealership wants to build a new showroom costing $2,300,000. It sets up a sinking fund with end-of-the-month payments in an account earning 12, compounded monthly. Find the amount that should be deposited in this fund each month if the dealership wishes to build the showroom in (a) 3 years ____________and (b) 4 years. ____________
A NEW SHOWROOM A Ford dealership wants to build a new showroom costing $2,300,000. It sets up a sinking fund with end-of-the-month payments in an account earning 12, compounded monthly. Find the amount that should be deposited in this fund each month if the dealership wishes to build the showroom in (a) 3 years ____________and (b) 4 years. ____________
Explanation
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a)Consider 3 years.
The following table...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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