A company estimates that it will have to replace a piece of equipment at a cost of
Question:
A company estimates that it will have to replace a piece of equipment at a cost of $800,000 in 5 years. To have this money available in 5 years, a sinking fund is established by making equal monthly payments into an account paying 6.6% compounded monthly.
(A) How much should each payment be?
(B) How much interest is earned during the last year?
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A To find PMT we can use either formula 6 or 7 We cho...View the full answer
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I have worked with very different types of students, from little kids to bussines men and women. I have thaught at universities, schools, but mostly in private sessions for specialized purpuses. Sometimes I tutored kids that needed help with their classes at school, some others were high school or college students that needed to prepare for an exam to study abroud. Currently I'm teaching bussiness English for people in bussiness positions that want to improve their skills, and preparing and ex-student to pass a standarized test to study in the UK.
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Related Book For 
Finite Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780134862620
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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