Find the amount of the payment to be made into a sinking fund so that enough will be present to accumulate the following amount. Payments are made at the end of each period. 1 $75,000; money earns 8% compounded semiannually for 3 years The payment size is $ (Do not round until the final answer. Then round up to the nearest cent.)
Find the amount of the payment to be made into a sinking fund so that enough will be present to accumulate the following amount. Payments are made at the end of each period. 1 $75,000; money earns 8% compounded semiannually for 3 years The payment size is $ (Do not round until the final answer. Then round up to the nearest cent.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Hey! Need help with the following problem, it states to not round until the final answer, then round up to the nearest cent. Thank you!

Transcribed Image Text:Find the amount of the payment to be made into a sinking fund so that enough will be present to accumulate the following amount. Payments are made at the end of each period.
1
$75,000; money earns 8% compounded semiannually for 3 years
The payment size is $.
(Do not round until the final answer. Then round up to the nearest cent.)
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