Find the amount of the payment to be made into a sinking fund so that enough will be present to accumulate the following amount. Payments are made at the end of each period. $55,000; money earns 4% compounded semiannually for 4 1/2 years The payment size is____?
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02, since 4% compounded semiannually) \( t \) = number of periods (5 years, since 4.5 years is equivalent to 5 years with semiannual compounding) Show more…
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