Question 1194949
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Please help me solve this Simple Interest word problem:  
The Otwell Company puts $18,000 per year into a sinking fund to purchase major equipment. 
The fund earns 7.2% interest compounded annually. Find the amount in the fund after 8 years. 
(Round your final answer to two decimal places.)
$ 
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This problem is not on simple interest.


It is a deep mistake/delusion to think so.


It is a typical problem on discretely compounded account.



On this subject,  learn the appropriate words,  terminology and solution methods from the lessons

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compounded interest percentage problems</A> 

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson>Problems on discretely compound accounts</A> 

in this site.



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