Question: Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round the answer up to the nearest cent.
Weekly payments with a 9.8% interest rate compounded weekly for 40 years to accumulate $600,000
p=A(rn)(1+rn)n*t-1
The weekly payment needs to be $
(Do not round until the final answer. Then round up to the nearest cent.)
 Use the sinking fund formula to determine the payment needed to

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!