How much interest is earned during last year


The company finds that it will have to replace the piece of equipment at the cost of $800'000 in 5 years. To have this money available in 5 years, sinking fund is established by making equal monthly payments into the account paying 6.6% compounded monthly.

A) how much must each payment be?

B) How much interest is earned during last year?

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Mathematics: How much interest is earned during last year
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