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Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the answer up to the nearest cent. Weekly payments with a 7.2% interest rate compounded weekly for 40 years to accumulate $900,000

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the answer up to the nearest cent. Weekly payments with a 7.2% interest rate compounded weekly for 40 years to accumulate $900,000

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 21E
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Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the answer up to the nearest cent. A p= Weekly payments with a 7.2% interest rate compounded weekly for 40 years to accumulate $900,000 n•t + - 1 in ... The weekly payment needs to be $ (Round up to the nearest cent.)
Transcribed Image Text:Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the answer up to the nearest cent. A p= Weekly payments with a 7.2% interest rate compounded weekly for 40 years to accumulate $900,000 n•t + - 1 in ... The weekly payment needs to be $ (Round up to the nearest cent.)
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