Question

5. + 6.25/6 points Previous Answers TEAFM2 F.3.026. A corporation creates a sinking fund in order to have $350,000 to replace some machinery in 9 years. How much should be placed in this account at the end of each month if the annual interest rate is 3.5% compounded monthly? (Round your answers to the nearest cent.) $ 2761.76 How much interest would they earn over the life of the account? $ 51729.92 Determine the value of the fund after 2, 4, and 6 years. 2 years $ 68553.75 4 years $ 142070.71 6 years $ 220910-22 How much interest was earned during the third month of the 5th year? $ 300.25 Submit Answer Practice Another Version

Answer 1

=350000*(3.5%/12)/((1+3.5%/12)^(12*9)-1)/(3.5%/12)*((1+3.5%/12)^62-1)*3.5%/12
=546.55299