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Home Q & A Board Science-Related Homework Help Mathematics
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freezo1994 freezo1994
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A year ago
To provide for the automation of a production process in five years, Dominion Chemicals is starting a sinking fund to accumulate $600,000 by the end of the five years. Sinking fund payments are to be made at the end of every month. Round the sinking fund payments and the periodic interest earnings to the nearest dollar.


a) If the sinking fund earns 7.5% compounded monthly, what monthly payments starting at the end of the month should be made to the fund?
b) How much interest will be earned in the fourth year?
c) In what month will the fund pass the halfway point?
d) How much interest will be earned in the 35th month?
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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rectorrector
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A year ago
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freezo1994 Author
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A year ago
Good timing, thanks!
jamesbove
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Yesterday
This calls for a celebration Person Raising Both Hands in Celebration
choih94
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2 hours ago
Smart ... Thanks!
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