Abutcher shop knows that it must buy a new machine in 5 years. The machine...
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Abutcher shop knows that it must buy a new machine in 5 years. The machine costs $15,000. In order to accumulate enough money for the machine, the shop ownerdecides to deposit a sum of money at the end of each 6 months in an account paying 6% compounded semiannually. How much should each payment be?The deposits form anbecause the deposits are made at theshould be used.Each payment should be $(Do not round until the final answer. Then round to the nearest cent as needed.)of each period. Therefore, the formula
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