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Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the answer up to the nearest cent. Weekly payments with a 7.2% interest rate compounded weekly for 40 years to accumulate $900,000

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the answer up to the nearest cent. Weekly payments with a 7.2% interest rate compounded weekly for 40 years to accumulate $900,000

College Algebra
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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Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the answer up to the nearest cent. A p= Weekly payments with a 7.2% interest rate compounded weekly for 40 years to accumulate $900,000 n•t + - 1 in ... The weekly payment needs to be $ (Round up to the nearest cent.)
Transcribed Image Text:Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the answer up to the nearest cent. A p= Weekly payments with a 7.2% interest rate compounded weekly for 40 years to accumulate $900,000 n•t + - 1 in ... The weekly payment needs to be $ (Round up to the nearest cent.)
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