a) Explanation It is given that Rebecca Leidy sold some land and paid a lump sum of $60,000 in 7 years with 8% interest compounded quarterly. The amount of each quarterly interest payment is calculated as follows. Present value = Payment [ 1 − ( 1 + interest ) − no of years interest ] 60 , 000 = R [ 1 − ( 1 + 0.02 ) − 7 × 4 0 b) To determine The amount of each payment into the sinking fund. c) To determine To tabulate: The amount after each deposit in the sinking fund.

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ISBN: 2818440028625

Author: Lial

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Chapter 12.2, Problem 41E

To determine

The amount of each quarterly interest payment.

To determine

The amount of each payment into the sinking fund.

To determine

To tabulate: The amount after each deposit in the sinking fund.

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Chapter 12.2, Problem 40E

Chapter 12.2, Problem 42E

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