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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 54
Solve the following exercises by using tables.
Green Thumb Landscaping buys new lawn equipment every 3 years. It is estimated that $25,000 will be needed for the next purchase. The company sets up a sinking fund to save for this obligation.
a. What equal payments must be deposited every 6 months if interest is 8% compounded semiannually?
b. What is the total amount of interest earned by the sinking fund?
Green Thumb Landscaping buys new lawn equipment every 3 years. It is estimated that $25,000 will be needed for the next purchase. The company sets up a sinking fund to save for this obligation.
a. What equal payments must be deposited every 6 months if interest is 8% compounded semiannually?
b. What is the total amount of interest earned by the sinking fund?
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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