Mathematics, 14.06.2020 05:57 dwighthibbert56

Southwest Airlines estimates that it will need to replace a Boeing 737 aircraft at a cost of $87,000,000 in 15 years. To have this money available, a sinking fund is established by
making equal monthly payments into an account paying 5.8% compounded monthly.

a. How much should each payment be?

b. How much interest is earned during the last year?

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Southwest Airlines estimates that it will need to replace a Boeing 737 aircraft at a cost of $87,00...

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