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Unformatted text preview: remaining 10 years. In order to accumulate the principal at the end of 20 years, he makes deposits at the end of each year into a sinking fund earning 6% effective. Each of the first 10 deposits is X, while each of the remaining 10 deposits is 2X. (a) Find X. (b) Find the net outstanding loan balance at the end of the 15 th year. (c) Find the net interest payment in the 15 th year. (d) Find the increment in the sinking fund in the 15 th year. (e) Find the total payment in the 15 th year and verify that (c) + (d) = (e)...
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This note was uploaded on 10/21/2010 for the course ACTSC 231 taught by Professor Chisholm during the Fall '09 term at Waterloo.
- Fall '09