SOLUTION: Assume that you want to have $ 1900 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments?
Monthly Payment =
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Question 1198884: Assume that you want to have $ 1900 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments?
Monthly Payment =
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.
There is a lesson at this forum, free of charge, where similar problems are solved
and the solution method is described in all details. So, these solutions are your TEMPLATES.
This lesson is
- Solved problems on Ordinary Annuity saving plans,
the problems are 4 an 5 of this lesson.
Substitute your numbers into the formulas and make necessary calculations using your calculator.
If you want to learn relevant theory, it is given in the lesson
- Ordinary Annuity saving plans and geometric progressions
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