At Westonci.ca, we make it easy for you to get the answers you need from a community of knowledgeable individuals. Join our Q&A platform and connect with professionals ready to provide precise answers to your questions in various areas. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

find the monthly payments R needed to have a sinking fund accumulate the future value of A. the yearly interest rate r and the time t in years are given below. interest is compounded monthly. A=$10,000; r=2.5%; t=3R=$_________ (round up to the nearest cent)

Sagot :

the formular is

A = R(1 + r/m)^mt-1

A = $8000

r = 9% = 0.09

t = 1

therefore,

1 + r/m = 1 + 0.09/12

= 1 + 0.0075

= 1.0075

step 2

1.0075^12-1

= 1.0938 - 1

= 0.938

step 3

0.938/0.0075

=12.506

therefore,

8000 = 12.506 x R

R = 8000/12.506

R = $639.64

We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We hope this was helpful. Please come back whenever you need more information or answers to your queries. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.