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To provide for expansion, a company has established a sinking fund earning 8 % monthly. The fund is anticipated to reach a balance of $72,000

To provide for expansion, a company has established a sinking fund earning

8 % monthly. The fund is anticipated to reach a balance of $72,000

in 13 years. Payments are made at the beginning of every month.month.

(a) What is the size of the periodic payment?

(b) What is the accumulated balance at the end of payment period 107?

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