In Exercises 1316, use the sinking fund formula p = Aa r n
Chapter 11, Problem 11.1.273(choose chapter or problem)
In Exercises 13–16, use the sinking fund formula
\(p=\frac{A\left(\frac{r}{n}\right)}{\left(1+\frac{r}{n}\right)^{n t}-1}\)
to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round each answer up to the next cent.
Quarterly payments with 10% interest compounded quarterly for 40 years to accumulate $1,000,000
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