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1.Hobby Hut will need to replace their display cases in 5 years. If they believe it will cost $150,000, how much do they need to deposit each month into a sinking fund at 2.875% compounded monthly to save up that much money?

2.The Carson's want to have $500,000 in their retirement fund in 30 years. How much do they need to deposit each quarter into an annuity at 3.675% compounded quarterly to have that much money when they retire?

Answer rating: 100% (QA)

1 To calculate the monthly deposit needed for Hobby Hut to save up 150000 in 5 years we can use the ... View the full answer