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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 40
Solve the application problem. Round to the nearest cent.
AIRPORT IMPROVEMENTS A city near Chicago sold $9,000,000 in bonds to pay for improvements to an airport. It sets up a sinking fund with end-of-the-quarter payments in an account earning 8, compounded quarterly. Find the amount that should be deposited in this fund each quarter if the city wishes to pay off the bonds in (a) 7 years ____________and (b) 12 years. ____________
AIRPORT IMPROVEMENTS A city near Chicago sold $9,000,000 in bonds to pay for improvements to an airport. It sets up a sinking fund with end-of-the-quarter payments in an account earning 8, compounded quarterly. Find the amount that should be deposited in this fund each quarter if the city wishes to pay off the bonds in (a) 7 years ____________and (b) 12 years. ____________
Explanation
Verified
Verified
a)Consider 
years.
The following table ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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