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April 11th 2006, 10:16 PM

Hi, I have trouble soloving this problem,

Joe repays a loan of 10,000 by establishing a sinking fund and making 20 equal payments at the end of each year. The sinking fund earns 7% effective annually. Immediately after the fifth payment, the yield on the sinking fund increases to 8% effective annually. At that time Joe adjusts his sinking fund payment to x so that the sinking fund will accumulate to 10,000 20 years after the original loan date. Determine x

Thank you

Joe repays a loan of 10,000 by establishing a sinking fund and making 20 equal payments at the end of each year. The sinking fund earns 7% effective annually. Immediately after the fifth payment, the yield on the sinking fund increases to 8% effective annually. At that time Joe adjusts his sinking fund payment to x so that the sinking fund will accumulate to 10,000 20 years after the original loan date. Determine x

Thank you