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Jeff Associates borrowed $22,000. The company plans to set up a sinking fund that will repay the loan at the end of 7 years. Assume
Jeff Associates borrowed $22,000. The company plans to set up a sinking fund that will repay the loan at the end of 7 years. Assume a 12% interest rate compounded semiannually. What must Jeff pay into the fund each period of time? (Use Table 13.3.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Payable amount :
C Get Homework Help W X Chapter 13 Homework x table13_3.jpg (1001x7 X PV_annuity.JPG (1097 X "Connect_Production/bne/Slater_12e/table13_3.jpg Get Homework Help VX Parkersburg WV B... Period 2% 3% 4% 5% 6% 8% 10% on $1 1 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 2. 0.4951 0.4926 0.4902 0.4878 0.4854 0.4808 0.4762 3 0.3268 0.3235 0.3203 0.3172 0.3141 0.3080 0.3021 4 0.2426 0.2390 0.2355 0.2320 0.2286 0.2219 0.2155 5 0.1922 0.1884 0.1846 0.1774 0.1705 0.1638 6 0.105 0.1546 0.1810 0.1470 0.1508 0.1434 0.1363 0.1296 7 0.1345 0.1305 0.1266 0.1191 0.1054 8 0.1165 0.1125 0.1085 0.1121 0.0940 0.1010 0.0874 9 0.1025 0.1228 0.1047 0.0907 0.0795 0.0984 0.0945 0.0870 0.0801 0.0736 10 0.0913 0.0872 0.0833 0.0759 0.0627 11 0.0781 0.0741 0.0822 0.0746 0.0668 0.0704 0.0628 0.0540 12 0.0705 0.0666 0.0690 0.0601 0.0527 0.0465 0.0593 0.0468 13 0.0681 0.0640 0.0601 0.0565 0.0530 0.0408 14 0.0626 0.0547 0.0476 0.0585 0.0538 0.0413 0.0357 0.0510 0.0463 15 0.0578 0.0499 0.0430 0.0368 0.0315 16 0.0537 0.0496 0.0458 0.0423 0.0390 0.0330 0.0278 17 0.0460 0.0422 0.0387 0.0354 0.0296 0.0247 18 0.0390 0.0267 0.0427 0.0398 0.0219 0.0355 0.0327 0.0324 0.0296 19 0.0361 0.0241 0.0195 20 0.0500 0.0467 0.0438 0.0412 0.0329 0.0270 0.0226 0.0372 0.0336 0.0302 0.0219 0.0175 0.0272 0.0197 24 0.0225 0.0150 0.0113 0.0290 0.0233 0.0190 0.0256 0.0200 0.0159 0.0171 28 32 0.0146 0.0105 0.0075 0.0050 0.0133 0.0110 0.0075 36 0.0158 0.0129 0.0104 0.0084 0.0053 0.0033 0.0192 0.0166 40 0.0133 0.0105 0.0083 0.0065 0.0039 0.0023 C Get Homework Help W X Chapter 13 Homework x table13_3.jpg (1001x7 X PV_annuity.JPG (1097 X "Connect_Production/bne/Slater_12e/table13_3.jpg Get Homework Help VX Parkersburg WV B... Period 2% 3% 4% 5% 6% 8% 10% on $1 1 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 2. 0.4951 0.4926 0.4902 0.4878 0.4854 0.4808 0.4762 3 0.3268 0.3235 0.3203 0.3172 0.3141 0.3080 0.3021 4 0.2426 0.2390 0.2355 0.2320 0.2286 0.2219 0.2155 5 0.1922 0.1884 0.1846 0.1774 0.1705 0.1638 6 0.105 0.1546 0.1810 0.1470 0.1508 0.1434 0.1363 0.1296 7 0.1345 0.1305 0.1266 0.1191 0.1054 8 0.1165 0.1125 0.1085 0.1121 0.0940 0.1010 0.0874 9 0.1025 0.1228 0.1047 0.0907 0.0795 0.0984 0.0945 0.0870 0.0801 0.0736 10 0.0913 0.0872 0.0833 0.0759 0.0627 11 0.0781 0.0741 0.0822 0.0746 0.0668 0.0704 0.0628 0.0540 12 0.0705 0.0666 0.0690 0.0601 0.0527 0.0465 0.0593 0.0468 13 0.0681 0.0640 0.0601 0.0565 0.0530 0.0408 14 0.0626 0.0547 0.0476 0.0585 0.0538 0.0413 0.0357 0.0510 0.0463 15 0.0578 0.0499 0.0430 0.0368 0.0315 16 0.0537 0.0496 0.0458 0.0423 0.0390 0.0330 0.0278 17 0.0460 0.0422 0.0387 0.0354 0.0296 0.0247 18 0.0390 0.0267 0.0427 0.0398 0.0219 0.0355 0.0327 0.0324 0.0296 19 0.0361 0.0241 0.0195 20 0.0500 0.0467 0.0438 0.0412 0.0329 0.0270 0.0226 0.0372 0.0336 0.0302 0.0219 0.0175 0.0272 0.0197 24 0.0225 0.0150 0.0113 0.0290 0.0233 0.0190 0.0256 0.0200 0.0159 0.0171 28 32 0.0146 0.0105 0.0075 0.0050 0.0133 0.0110 0.0075 36 0.0158 0.0129 0.0104 0.0084 0.0053 0.0033 0.0192 0.0166 40 0.0133 0.0105 0.0083 0.0065 0.0039 0.0023Step by Step Solution
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