2.5/4 points V | Previous Answers VT TEAFM2 F.3.022. My Notes New parents wish to...
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2.5/4 points V | Previous Answers VT TEAFM2 F.3.022. My Notes New parents wish to save for their newborn's education and wish to have $59,000 at the end of 16 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 4.7% compounded annually? (Round your answers to two decimal places.) $ 2,555.30 How much interest would they earn over the life of the account? Determine the value of the fund after 10 years. $ 31,693.80 How much interest was earned during the 10th year? $ 1.25/6 points v. Previous Answers V TEAFM2 F.3.026. My Notes A corporation creates a sinking fund in order to have $590,000 to replace some machinery in 10 years. How much should be placed in this account at the end of each quarter if the annual interest rate is 8.5% compounded quarterly? (Round your answers to the nearest cent.) $ 9,506.00 How much interest would they earn over the life of the account? A Determine the value of the fund after 2, 4, and 6 years. 2 years $ 4 years $ 6 years $ How much interest was earned during the second quarter of the 5th year? $
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