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How much interest will be earned on the deposits

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A major city wants to establish a sinking fund to pay off debts of PKR 800 million which come  due in 10 years. The city can earn interest at the rate of 8 percent per year compounded monthly. If first deposit is made 1 month from now;

Problem a) What monthly deposit will be required to accumulate the PKR 800 million?

Problem b) How much interest will be earned on these deposits

Reference no: EM132778462

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