Chapter 12, Problem 17AT

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Solve the following exercises by using tables.

Mary Evans plans to buy a used car when she starts college three years from now. She can make deposits at the end of each month into a 6% sinking fund account compounded monthly. If she wants to have $14,500 available to buy the car, what should be the amount of her monthly sinking fund payments?

To determine

**To calculate:** The amount of monthly sinking fund payment required by Mary Evans to buy a car of

Explanation

**Given Information:**

Payment frequency is

**Formula used:**

The formula to compute the sinking fund payment is,

**Calculation:**

Consider that payment frequency is

The rate period is

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