What will the monthly payments have to be

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Reference no: EM13881962

You need to save $50,000 in 10 years from today. You want to make annual payments at the end of each year into a sinking fund that will earn interest at an annual rate of 10 percent.

a) What will the annual payments have to be?

Suppose that the borrower will make monthly payments that earn 10 percent interest, compounded monthly.

b) What will the monthly payments have to be?

Reference no: EM13881962

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