0. Tammy is saving up money for an emergeney fund. She hopes to have 4 months' worth of income accumulated, and she takes home $2500 a month. She plans on depositing monthly increments for the next year and a half into a sinking fund which earns 8% Interest. How much should each deposit be?

0. Tammy is saving up money for an emergeney fund. She hopes to have 4 months' worth of income accumulated, and she takes home $2500 a month. She plans on depositing monthly increments for the next year and a half into a sinking fund which earns 8% Interest. How much should each deposit be?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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0. Tammy is saving up money for an emergency fund. She hopes to have 4 months' worth of income
accumulated, and she takes home $2500 a month. She plans on depositing monthly increments for the next
year and a half into a sinking fund which earns 8% Interest, How much should each deposit be?

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