A company wants to accumulate $100,000 to purchase replacement machinery 8 years from now. To accomplish this, equal semiannual payments are made to a fund that earns 7% compounded quarterly. Find the amount of each payment.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
A company wants to accumulate $100,000 to purchase replacement machinery 8 years from now. To accomplish this, equal semiannual payments are made to a fund that earns 7% compounded quarterly. Find the amount of each payment.
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