state agency issues 550 million in bonds to repair bridges in the state. The state establishes sinking fund by depositing3 million at the end of each quarter into the fund for 20 years to repay the bonds The fund earns an annual interest rate of 5.8% compounded quarterly How much money (in millions of dollars) is in the fund after 20 years? (Round your answer to two decimal places:million dollarsWill the state have enough money to repay the debt? Yes
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state agency issues 550 million in bonds to repair bridges in the state. The state establishes sinking fund by depositing3 million at the end of each quarter into the fund for 20 years to
state agency issues 550 million in bonds to repair bridges in the state ...
Jan 15, 2023
Sinking Fund Explained
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