Zachary Alexander owns a limousine that will need to be replaced
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Zachary Alexander owns a limousine that will need to be replaced

Zachary Alexander owns a limousine that will need to be replaced in four years at a cost of $65,000. How much must he put aside each year in a sinking fund at 8% annual interest to purchase the new limousine?


Hint
 Annual interest computes the percentage of the principal that is paid every year by taking monthly payments into account. It is expressed as an interest rate which refers to the annual rate of interest charged to borrowers and paid to investors. It is the percentage value seen first when comparing financial products....

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