Solve by using the sinking fund or amortization formula. A manufacturing company has determined that it will need $400,000 in 6 years for a new roof on its southeastern regional warehouse. A sinking fund is established for the roof at 3.8% compounded semiannually. What equal payments (in $) are required every 6 months to accumulate the needed funds for the roof? (Round your answer to the nearest cent.) $
Solve by using the sinking fund or amortization formula. A manufacturing company has determined that it will need $400,000 in 6 years for a new roof on its southeastern regional warehouse. A sinking fund is established for the roof at 3.8% compounded semiannually. What equal payments (in $) are required every 6 months to accumulate the needed funds for the roof? (Round your answer to the nearest cent.) $
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Solve by using the sinking fund or amortization formula.
A manufacturing company has determined that it will need $400,000 in 6 years for a new roof on its southeastern regional warehouse. A sinking fund is established for the roof at 3.8% compounded semiannually. What equal payments (in $) are required every 6 months to accumulate the needed funds for the roof? (Round your answer to the nearest cent.)
$
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