Question: Please show step by step Sylvia is repaying a loan of X by making 17 annual payments of 100. Each payment consists of interest on
Please show step by step
Sylvia is repaying a loan of X by making 17 annual payments of 100. Each payment consists of interest on the loan at 5% effective and an amount that is deposited in a sinking fund earning 4% effective. At the end of 17 years, the amount in the sinking fund is equal to the original loan amount accumulated with interest at the sinking fund rate. Determine X. Sylvia is repaying a loan of X by making 17 annual payments of 100. Each payment consists of interest on the loan at 5% effective and an amount that is deposited in a sinking fund earning 4% effective. At the end of 17 years, the amount in the sinking fund is equal to the original loan amount accumulated with interest at the sinking fund rate. Determine X
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