Harv, the owner of Harv’s Meats, knows  that he must buy a new deboner machine in 4 years. The  machine costs $12,000. In order to accumulate enough money  to pay for the machine, Harv decides to deposit a sum of money  at the end of each 6 months in an account paying 6% com-pounded semiannually. How much should each payment be?

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Harv, the owner of Harv’s Meats, knows 
that he must buy a new deboner machine in 4 years. The 
machine costs $12,000. In order to accumulate enough money 
to pay for the machine, Harv decides to deposit a sum of money 
at the end of each 6 months in an account paying 6% com-pounded semiannually. How much should each payment be?

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