Question
The Fortin family has money automatically deducted from their paychecks to help cover the cost of their daughter's private school. A payment of $15,000 is
The Fortin family has money automatically deducted from their paychecks to help cover the cost of their daughter's private school. A payment of $15,000 is due at the end of the year. Assuming they are paid every 4 weeks and their payroll deductions are placed in an account where 10% annual interest is compounded semi-annually, how much would they need to have deducted each payroll period? Assume that there are 52 weeks per year.
Carry all interim calculations to 5 decimal places and then round your final answer to a whole number. The tolerance is 2.
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