Clearlake Optical has a $50,000 note that comes due in 3 years. The owners wish to create a sinking fund to pay this note. If the fund earns 1.5% compounded semiannually, how much must each semiannual deposit be? (Round your answer to the nearest cent.)
Clearlake Optical has a $50,000 note that comes due in 3 years. The owners wish to create a sinking fund to pay this note. If the fund earns 1.5% compounded semiannually, how much must each semiannual deposit be? (Round your answer to the nearest cent.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 20P
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