Bipin Alexis's retirement fund has an accumulated amount of $50,000. If it has been earninginterest at 3.33% compounded monthly for the past 20 years, calculate the size of theequal payments that she deposited at the beginning of every 3 months.$0.00Round to the nearest cent Lush Gardens Co. bought a new truck for $56,000. It paid $5,600 of this amount as adown payment and financed the balance at 4.15% compounded semi-annually. If thecompany makes payments of $2,100 at the end of every month, how long will it take tosettle the loan?o years0 months.Express the answer in years and months, rounded to the next payment period

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Alexis's retirement fund has an accumulated amount of $50,000. If it has been earning interest at 3.33% compounded monthly for the past 20 years, calculate the size of the equal payments that she deposited at the beginning of every 3 months. $0.00 Round to the nearest cent

Alexis's retirement fund has an accumulated amount of $50,000. If it has been earning interest at 3.33% compounded monthly for the past 20 years, calculate the size of the equal payments that she deposited at the beginning of every 3 months. $0.00 Round to the nearest cent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Bipin

Alexis's retirement fund has an accumulated amount of $50,000. If it has been earning
interest at 3.33% compounded monthly for the past 20 years, calculate the size of the
equal payments that she deposited at the beginning of every 3 months.
$0.00
Round to the nearest cent

Lush Gardens Co. bought a new truck for $56,000. It paid $5,600 of this amount as a
down payment and financed the balance at 4.15% compounded semi-annually. If the
company makes payments of $2,100 at the end of every month, how long will it take to
settle the loan?
o years
0 months.
Express the answer in years and months, rounded to the next payment period

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