Multiple Choice
Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to
the nearest cent.
-Annual payments with 6.5% interest compounded annually for 23 years to accumulate$4000
A) $73.59
B) $61.08
C) $86.76
D) $79.84
Correct Answer:
Verified
Correct Answer:
Verified
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