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p.20 Word Problem 20-21 [LU 20-3(1)] Jeff Associates borrowed $24,000. The company plans to set up a sinking fund that will repay the loan at

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p.20 Word Problem 20-21 [LU 20-3(1)] Jeff Associates borrowed $24,000. The company plans to set up a sinking fund that will repay the loan at the end of 7 years. Assume a 8% Interest rate compounded semiannually. What must Jeff pay into the fund each period of time? (Do not round Intermediate calculations. Round your answer to the nearest cent.) Payable amount

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