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Use the sinking fund formula shown to the right to determine the monthly payment needed to accumulate ​$620,000 with 8​% interest are compounded monthly for 32 years. p=Arn1+rnnt−1 The monthly invested payment is

Use the sinking fund formula shown to the right to determine the monthly payment needed to accumulate ​$620,000 with 8​% interest are compounded monthly for 32 years. p=Arn1+rnnt−1 The monthly invested payment is

Essentials Of Investments
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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Use the sinking fund formula shown to the right to determine the monthly payment needed to accumulate
​$620,000
with
8​%
interest are compounded monthly for
32
years.
p=Arn1+rnnt−1
The monthly invested payment is
​
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