Asked by frolian
A company wants to accumulate tsh 100000 to purchase replacement machinery 8years from know.to accomplish this equal semi-annually payments are made to a fund that earns 7%compounded semi-annually.find the amount of each payment
Answers
Answered by
Reiny
let the payment be P
P (1.035^16 - 1)/.035 = 100000
solve for P on your calculator
you should get around ($4770 , not the exact answer so you will still have to do the calculation yourself)
P (1.035^16 - 1)/.035 = 100000
solve for P on your calculator
you should get around ($4770 , not the exact answer so you will still have to do the calculation yourself)
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