In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.
Find the required payment for the sinking fund. (Round your answer to the nearest cent.)
Yearly deposits earning 12.8% to accumulate $6500
after 12 years.
Given,
Interest rate (r) = 12.8% or 0.128
Future value of annuity = $ 6500
Years (n) = 12 years
Solution :-
Let required payment be 'A'
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