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A $42,500 loan was cleared in 7 years by setting up a sinking fund that was earning 6.75% compounded semi-annually. The deposits were made into
A $42,500 loan was cleared in 7 years by setting up a sinking fund that was earning 6.75\% compounded semi-annually. The deposits were made into the fund at the end of every 6 months. a. Calculate the size of the sinking fund deposits. Round up to the next cent b. Calculate the total amount of interest earned by the fund. (x) Round to the nearest cent
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