For Question 3, calculate the increase in the fund for the fourth year. Verify your answer by
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In Question 3
Equal deposits are made into a sinking fund at the end of each year for seven years. Interest is 5.5% compounded annually, and the maturity value of the fund is $20 000. Find the size of the annual deposits and construct a sinking fund schedule showing totals.
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Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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