Homework Help: algebra

Posted by Lisa on Monday, July 5, 2010 at 8:43pm.

If Joseph decided that he wanted to have $300,000 accumulated in 30 years by making an annual payment at the end of each year that would earn 12% compounded annually, what would his sinking fund payment be? Use appropriate table to determine the answer.

algebra - Damon, Monday, July 5, 2010 at 9:12pm
300,000 = N [ 1.12^30 -1 ] / .12

300,000 = N (249.66)
N = $1,201.60

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