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A bank in Calgary issued bonds for $450,000 that were redeemable in 9 years. It established...

A bank in Calgary issued bonds for $450,000 that were redeemable in 9 years. It established a sinking fund that was earning 3.5% compounded semi-annually to retire this debt on maturity and made equal deposits at the beginning of every six months.

a. What is the size of the periodic payments?

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Answer #1

Here i am convert given data in compound interest and use installment formula.answer is below thank you.

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