Tom and Sandy have set up a sinking fund in order to have 18,000 in five years for their child’s college education. How much should be paid monthly into an ordinary annuity earning 6.58% compounded monthly so that they reach their goal?

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02-10-2022
Mathematics

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Tom and Sandy have set up a sinking fund in order to have 18,000 in five years for their child’s college education. How much should be paid monthly into an ordinary annuity earning 6.58% compounded monthly so that they reach their goal?

Sagot :

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