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Use the Sinking Fund Formula to Determine the Payment Needed

Question 179

Multiple Choice

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to
the nearest cent.
-Quarterly payments with 7.3% interest compounded quarterly for 5 years to accumulate $85,000


A) $424.72
B) $3559.70
C) $1413.02
D) $393.99

Correct Answer:

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