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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 125
The Shangri-La Hotel has a financial obligation of $1,000,000 due in 5 years for kitchen equipment. A sinking fund is established to meet this obligation at 7.5% interest compounded monthly.
a. What equal monthly sinking fund payments are required to accumulate the needed amount
b. What is the total amount of interest earned in the account
a. What equal monthly sinking fund payments are required to accumulate the needed amount
b. What is the total amount of interest earned in the account
Explanation
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Verified
To calculate sinking fund, use the formu...
Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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