Find the amount of periodic payment necessary for the deposit to a sinking fund. (Round your answer to the nearest cent.) $ Amount Needed Frequency Rate Time A n r t $45,000 monthly 7% 25 yr
Find the amount of periodic payment necessary for the deposit to a sinking fund. (Round your answer to the nearest cent.) $ Amount Needed Frequency Rate Time A n r t $45,000 monthly 7% 25 yr
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 5E
Question
Transcribed Image Text:Find the amount of periodic payment necessary for the deposit to a sinking fund. (Round your answer to the nearest cent.)
$
Amount Needed Frequency
Rate
Time
A
n
r
t
$45,000
monthly
7%
25 yr
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning