Use the sinking fund formula shown to the right to determine the semiannual payments with 6% interest are compounded semiannually for 5 years to accumulate $66,000. p=- -1 The semiannual invested payment is $ (Round up to the nearest cent.)

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 17E: Mortgage what is the monthly payment on a 30-year mortgage of $100,000 at 8% interest per year,...
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Use the sinking fund formula shown to the right to determine the semiannual payments with 6% interest are compounded semiannually for 5 years to accumulate $66,000.
p=-
The semiannual invested payment is $
(Round up to the nearest cent.)
Transcribed Image Text:Use the sinking fund formula shown to the right to determine the semiannual payments with 6% interest are compounded semiannually for 5 years to accumulate $66,000. p=- The semiannual invested payment is $ (Round up to the nearest cent.)
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