What is the amount of payment to be made in a sinking fund so that the indicated amount will be there when needed. Round to the nearest cent, $4850 in 7.5 years, money earns 7% compounded semiannually, 15 semiannual payments
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We have the formula as
Substitute in the above formula and solve for PMT,we get
answer=>$251.35 must be made into the shrinking amount.
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