In the following ordinary annuity, the interest is compoundedwith each payment, and the payment is made at the end of thecompounding period. Find the required payment for the sinking fund.(Round your answer to the nearest cent.)
Yearly deposits earning 12.9% to accumulate $2500 after 12years. The Oseola McCarty Scholarship Fund at the University ofSouthern Mississippi was established by a $150,000 gift from an87-year-old woman who had dropped out of sixth grade and worked formost of her life as a washerwoman. How much would she have had tosave each week in a bank account earning 3.9% compounded weekly tohave $150,000 after 75 years? (Round your answer to the nearestcent.)
