Find the semi annual payments needed to accumulate funds

Reference no: EM13700264

A volunteer fire department anticipates purchasing a fire truck in 3 years. Today it will cost $625,000 but the cost is increasing to 4% per year. Find the semi annual payments needed to accumulate funds to purchase the truck if funds earn 6% compounded semi annually. Round the nearest dollar at each step

Reference no: EM13700264

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