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Find the required payment for the sinking fund

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Reference no: EM132627968

In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

Problem 1: Find the required payment for the sinking fund. (Round your answer to the nearest cent.) Monthly deposits earning 5% to accumulate $7000 after 10 years.

Reference no: EM132627968

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