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Find the monthly payment R needed to have a sinking fund accumulate the future value A. The yearly interest rate r and the time t in years are given below. Interest is compounded monthly. A = $10,000; r = 7%; t = 2 R=$ (Round up to the nearest cent.)

Find the monthly payment R needed to have a sinking fund accumulate the future value A. The yearly interest rate r and the time t in years are given below. Interest is compounded monthly. A = $10,000; r = 7%; t = 2 R=$ (Round up to the nearest cent.)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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**Problem Statement:** Find the monthly payment \( R \) needed to have a sinking fund accumulate the future value \( A \). The yearly interest rate \( r \) and the time \( t \) in years are given below. Interest is compounded monthly. - \( A = \$10,000 \) - \( r = 7\% \) - \( t = 2 \) --- **Solution:** \( R = \$ \underline{\quad} \) (Round up to the nearest cent.)
Transcribed Image Text:**Problem Statement:** Find the monthly payment \( R \) needed to have a sinking fund accumulate the future value \( A \). The yearly interest rate \( r \) and the time \( t \) in years are given below. Interest is compounded monthly. - \( A = \$10,000 \) - \( r = 7\% \) - \( t = 2 \) --- **Solution:** \( R = \$ \underline{\quad} \) (Round up to the nearest cent.)
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