find the amount of each payment to be made into a sinking fund earning 55% compounded monthly to accumulate $42,000 over 77 years. payments are made at the end of each period.
the payment size is $

Step-by-step explanation:

Formula of sinking fund  =

A = Accumulated amount = $42,000

t = time = 77 year

Since we are given that  fund earning 55% compounded monthly to

n = no. of compounds = 12

Substitute the values in the formula :

Hence The payment size is

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