A school board issues bonds in the amount of $20,000,000 to be retired in 25 years. How much must be paid into a sinking fund at 6% compounded annually to pay off the total amount due?
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20000000/1.06^25
4659972.61
it's quite simple, you could have figured out on your own if you would do it yourself :)
4659972.61
it's quite simple, you could have figured out on your own if you would do it yourself :)