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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 15
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
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 & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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