Concept explainers
In Exercises 13-16, use the sinking fund formula
to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round each answer up to the next cent.
13. Semiannual payments with a 4.5% interest rate compounded semiannually for 15 years to accumulate $20,000
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A SURVEY OF MATHMETICS WITH APPLICATIONS
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