Question: Sinking Funds 2 CLR Enterprises borrows $5,000,000 at 7.5% ca. Interest payable yearly, the full principal due and payable in 20 years. To discharge the
Sinking Funds 2 CLR Enterprises borrows $5,000,000 at 7.5% ca. Interest payable yearly, the full principal due and payable in 20 years. To discharge the debt on its due date a sinking fund is established with annual deposits made estimated to earn 4.5% ca. Question 9 (3 points) After 14 years have passed, it's found that the sinking fund contains $3,349,396.37. Find the annual deposits necessary for the remaining 6 years if the estimated rate of interest is 5% c.a. Al work must be shown to earn full marks
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