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What is the size of the final smaller deposit

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Question - A sinking fund is set up to accumulate $70,000. The fund pays j1 = 15%. Annual deposits of $5,000 are made to the fund.

(a) How much interest does the fund earn during the year between the 5th and 6th deposits?

(b) How many $5,000 deposits are required?

(c) What is the size of the final smaller deposit?

Reference no: EM132609809

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