Jeff Associates needs to repay $29,000. The company plans to set up a sinking fund that will repay the loan at the end of 6 years. Assume a 10% interest rate compounded semiannually. What must Jeff pay into the fund each period of time? (Use Table 13.3.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Jeff Associates needs to repay $29,000. The company plans to set up a sinking fund that will repay the loan at the end of 6 years. Assume a 10% interest rate compounded semiannually. What must Jeff pay into the fund each period of time? (Use Table 13.3.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Problem 1RQ
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Transcribed Image Text:TABLE 13-3
Sinking fund table based on $1
Period
1
2
3
4
Payable amount
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
24
28
32
36
40
2%
1.0000
0.4951
0.3268
0.2426
0.1922
0.1585
0.1345
0.1165
0.1025
0.0913
0.0822
0.0746
0.0681
0.0626
0.0578
0.0537
0.0500
0.0467
0.0438
0.0412
0.0329
0.0270
0.0226
0.0192
0.0166
3%
1.0000
0.4926
0.3235
0.2390
0.1884
0.1546
0.1305
0.1125
0.0984
0.0872
0.0781
0.0705
0.0640
0.0585
0.0538
0.0496
0.0460
0.0427
0.0398
0.0372
0.0290
0.0233
0.0190
0.0158
0.0133
4%
1.0000
0.4902
0.3203
0.2355
0.1846
0.1508
0.1266
0.1085
0.0945
0.0833
0.0741
0.0666
0.0601
0.0547
0.0499
0.0458
0.0422
0.0390
0.0361
0.0336
0.0256
0.0200
0.0159
0.0129
0.0105
6%
1.0000
1.0000
0.4878
0.4854
0.3172
0.3141
0.2320
0.2286
0.1810
0.1774
0.1470
0.1434
0.1228
0.1191
0.1047
0.1010
0.0907
0.0870
0.0795
0.0759
0.0704 0.0668
0.0628
0.0593
0.0565
0.0510
0.0463
0.0423
0.0387
0.0355
0.0327
0.0302
0.0225
0.0171
5%
0.0133
0.0104
0.0083
0.0530
0.0476
0.0430
0.0390
0.0354
0.0324
0.0296
0.0272
0.0197
0.0146
0.0110
0.0084
0.0065
8%
1.0000
0.4808
0.3080
0.2219
0.1705
0.1363
0.1121
0.0940
0.0801
0.0690
0.0601
0.0527
0.0465
0.0413
0.0368
0.0330
0.0296
0.0267
0.0241
0.0219
0.0150
0.0105
0.0075
0.0053
0.0039
10%
1.0000
0.4762
0.3021
0.2155
0.1638
0.1296
0.1054
0.0874
0.0736
0.0627
0.0540
0.0468
0.0408
0.0357
0.0315
0.0278
0.0247
0.0219
0.0195
0.0175
0.0113
0.0075
0.0050
0.0033
0.0023
Jeff Associates needs to repay $29,000. The company plans to set up a sinking fund that will repay the loan at the
end of 6 years. Assume a 10% interest rate compounded semiannually. What must Jeff pay into the fund each
period of time? (Use Table 13.3.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
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