Jamil wants to renovate his Studio in 6 years. He estimates the cost to be $15474. How much should he deposit each year in a sinking fund that earns 8%.

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section: Chapter Questions
Problem 430PT: Melinda deposited $5,985 in a bank account with an interest rate of 1.9%. How much interest was...
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Jamil wants to renovate his Studio in 6 years. He
estimates the cost to be $15474. How much
should he deposit each year in a sinking fund
that earns 8%.
O $2109.34
O $508.65
O $1029.83
O $168.15
O $2527.90
Transcribed Image Text:Jamil wants to renovate his Studio in 6 years. He estimates the cost to be $15474. How much should he deposit each year in a sinking fund that earns 8%. O $2109.34 O $508.65 O $1029.83 O $168.15 O $2527.90
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