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Please show your work neatly as to how you solve these :) Thank you! Find the interest rate needed for the sinking fund to reach
Please show your work neatly as to how you solve these :) Thank you!
Find the interest rate needed for the sinking fund to reach the required amount. Assume that the compounding period is the same as the payment period. 12) $60,000 to be accumulated in 10 years; annual payments of $3940. Round to the nearest hundredth. A) 9.05% B) 9.11% C) 9.64% D) 9.83% Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period. 13) $3,000; quarterly payments for 6 years; interest rate 3.6%. A) $77.98 B) $20.33 C) $31.91 D) $111.54Step by Step Solution
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