#7You want to set up a sinking fund to save $10,000 for a home down payment.Your goal is to save the money in a savings account paying 12% interest.You will deposit the money in five (5) equal yearly amounts.What amount do you need to save annually into your 12% interest savingsaccount to have $10,000 in five years?O $1,574O $1,897© $988O $2,331O $1,285

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Answered: #7 You want to set up a sinking fund to…

Foundations of Business - Standalone book (MindTap Course List)

4th Edition

ISBN:9781285193946

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter15: Using Management And Accounting Information

Section: Chapter Questions

Problem 5DQ

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