Narrative 12-1Use Tables 12-1 and 12-2 from your text to answer the following problems. (Round dollars to the nearest cent)
Refer to Narrative 12-1. Lothar wishes to accumulate $3,500 in 3 years for a home sound system. Find the sinking fund payment he would need to make at the END of each year, at 10% interest compounded annually.
What will be an ideal response?
$1,057.40
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