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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 41
A sinking fund is established by Alliance Industries at 8% interest compounded semiannually to meet a financial obligation of $1,800,000 in 4 years.
a. What periodic sinking fund payment is required every 6 months to reach the company's goal?
b. How much greater would the payment be if the interest rate was 6% compounded semiannually rather than 8%?
a. What periodic sinking fund payment is required every 6 months to reach the company's goal?
b. How much greater would the payment be if the interest rate was 6% compounded semiannually rather than 8%?
Explanation
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Calculate the amount of a sinking fund p...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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