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(Solved): Use the accompanying sinking fund formula to determine the payment needed to reach the accumulated ...
Use the accompanying sinking fund formula to determine the payment needed to reach the accumulated amount. Monthly payments with
7%interest are compounded monthly for 34 years to accumulate
$590,000.
p=(A((r)/(n)))/((1+(r)/(n))^(nt)-1)The monthly invested payment is
$(Do not round until the final answer. Then round up to the nearest cent.)
