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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 18
The town of Bay Harbor is planning to buy five new hybrid police cars in 4 years. The cars are expected to cost $38,500 each.
a. What equal quarterly payments must the city deposit into a sinking fund at 3.5% interest compounded quarterly to achieve its goal
b. What is the total amount of interest earned in the account
a. What equal quarterly payments must the city deposit into a sinking fund at 3.5% interest compounded quarterly to achieve its goal
b. What is the total amount of interest earned in the account
Explanation
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To calculate sinking fund, use the formu...
Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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