4. Jeanette borrows 20,000 and must make annual interest payments at 8% per year for...
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4. Jeanette borrows 20,000 and must make annual interest payments at 8% per year for 6 years, and then she will repay the loan in one lump sum at the end of this 6-year period. To accumulate 20,000, Jeanette makes annual deposits into a sinking fund earning 3% per year. She wants to structure her sinking fund deposits so that her total amount paid each year (service on the loan plus sinking fund deposit) for the first 3 years is X and for the last 3 years is 2x. Find X
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