(d) Gabrielle needs $200,000 in eight years. She has set up a sinking fund that earns 5% compounded monthly in order to have the amount in eight years? (1) How much should she deposit each month? (ii) How much interest is earned over the period?

(d) Gabrielle needs $200,000 in eight years. She has set up a sinking fund that earns 5% compounded monthly in order to have the amount in eight years? (1) How much should she deposit each month? (ii) How much interest is earned over the period?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

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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(d) Gabrielle needs $200,000 in eight years. She has set up a sinking fund that earns 5% compounded
monthly in order to have the amount in eight years?
(1) How much should she deposit each month?
(ii) How much interest is earned over the period?

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