Question

For the sinking fund​ below, compute​ (a) the size of the periodic payment and​ (b) the accumulated balance at the time indicated.

Amount of Sinking Fund

Payment Interval

Payments Made​ At:

Term

Interest Rate

Conversion Period

Accumulated Balance After

​$7,000

3 months

end

9

years

10​%

quarterly

payment 23

​(a) The size of the periodic payment is

​$

nothing.

​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)

​(b) The accumulated balance is

​$

nothing.

​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)

Answer 1

Amant accemulated = $7000 Rate = 10% Paupment in every Noof payment in years = 923) 3 months n = 36. Periodic payment Axr (1+r)" - 1 = 7000 x 10 AZ 100xXry 36 -) It 10x3 loox12 7000 7000 Yox1-4325 1 + 1 1361 40 Periodic peryment = $122,161037 = $122.161037 Amount accemalated at the end ud of 9 years= 7000$