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To provide for expansion, a company has established a sinking fund earning 6% quarterly. The fund is anticipated to reach a balance of $56,000 in 11 years. Payments are made at the beginning of every 3 months. (a) What is the size of the periodic payment? (b) What is the accumulated balance at the end of payment period 24? (a) The size of the periodic payment is $415.14 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

To provide for expansion, a company has established a sinking fund earning 6% quarterly. The fund is anticipated to reach a balance of $56,000 in 11 years. Payments are made at the beginning of every 3 months. (a) What is the size of the periodic payment? (b) What is the accumulated balance at the end of payment period 24? (a) The size of the periodic payment is $415.14 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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To provide for expansion, a company has established a sinking fund earning 6% quarterly. The fund is anticipated to reach a balance of $56,000 in 11 years. Payments are made at the beginning of every 3 months. (a) What is the size of the periodic payment? (b) What is the accumulated balance at the end of payment period 24? (a) The size of the periodic payment is $415.14 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.).
Transcribed Image Text:To provide for expansion, a company has established a sinking fund earning 6% quarterly. The fund is anticipated to reach a balance of $56,000 in 11 years. Payments are made at the beginning of every 3 months. (a) What is the size of the periodic payment? (b) What is the accumulated balance at the end of payment period 24? (a) The size of the periodic payment is $415.14 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.).
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