A business sets up a sinking fund so they will have a $67,000.00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 12 years in the investment that pays 6.9% compounded monthly, what size should each payment be? The monthly payments are? (Round to 2 decimal places.)
A business sets up a sinking fund so they will have a $67,000.00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 12 years in the investment that pays 6.9% compounded monthly, what size should each payment be? The monthly payments are? (Round to 2 decimal places.)
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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A business sets up a sinking fund so they will have a $67,000.00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 12 years in the investment that pays 6.9% compounded monthly, what size should each payment be?
The monthly payments are? (Round to 2 decimal places.)
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