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Hillier Hillier
wrote...
Posts: 550
Rep: 5 0
6 years ago
A trust fund is set up to make payments of $1320.00 at the end of each month for seven years. Interest on the fund is 7.28% compounded monthly.
a) How much money must be deposited into the fund?
b) How much will be paid out of the fund?
c) How much interest is earned by the fund?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
Read 142 times
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Replies
wrote...
6 years ago
a) PVn = 1320.00 
   = 1320.00(65.6601227) = $86 671.36
b) Payout = 84(1320.00) = $110 880.00
c) Interest = 110880.00 - 86671.36 = $24 208.64
Hillier Author
wrote...
6 years ago
Thanks so much
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