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I set up a sinking fund to buy a car in five years, with the goal...

I set up a sinking fund to buy a car in five years, with the goal of saving $20,000. I’ll make biweekly payments that will accrue 614% interest. What will my payments be? How much are my contribution and interest?

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Answer #1

Note : Here , you gave 614% as interest and i corrected it to 6.14%.......if my correction is not correct then you substitute i=(614÷2600) in place of i

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