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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 39
Solve the following exercises by using tables.
Everest Industries established a sinking fund to pay off a $10,000,000 loan that comes due in 8 years for a corporate yacht.
a. What equal payments must be deposited into the fund every 3 months at 6% interest compounded quarterly for Everest to meet this financial obligation?
b. What is the total amount of interest earned in this sinking fund account?
Everest Industries established a sinking fund to pay off a $10,000,000 loan that comes due in 8 years for a corporate yacht.
a. What equal payments must be deposited into the fund every 3 months at 6% interest compounded quarterly for Everest to meet this financial obligation?
b. What is the total amount of interest earned in this sinking fund account?
Explanation
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For calculating the amount of a sinking ...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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