In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the required payment for the sinking fund. (Round your answer to the nearest cent.) Monthly deposits earning 4% to accumulate $9000 after 10 years.
The formula to find out monthly contributions is [Accumulated amount/{1+rate/12)^(years*12)-1/(rate/12)}]
Therefore the accumulated amount is = [9000/{1+0.04/12)^(10*12)-1/(0.04/12)}] = $61.12
Hence, sinking fund monthly deposits should be of $61.12 to accumulate $9000 after 10 years.
In the following ordinary annuity, the interest is compounded with each payment, and the payment is...
1- In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $275 monthly at 5.6% to accumulate $25,000. _________yr 2- Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.) $18,000 at 3% for 15 years if...
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