A sinking fund amounting to $20,000 is to be created by making payments at the beginning...
A sinking fund amounting to
$20,000
is to be created by making payments at the beginning of every
3 months
for
8
years. Interest earned by the fund is
6.6%
compounded
quarterly.
Determine the size of the periodic payment and compute the interest earned during the fourth payment interval. Verify your answer by checking the sinking fund schedule.
The size of the payment is
$
nothing.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Complete the table, rounding each entry to the nearest cent.
(Do not include the $ symbol in your answers.)
Payment Interval Number
Periodic Payment (Beginning)
Payment Interval Interest
i=1.65%
Increase in Fund
Balance at End of Payment Interval
0
-
-
-
0
1
nothing
nothing
nothing
nothing
2
nothing
nothing
nothing
nothing
3
nothing
nothing
nothing
nothing
4
nothing
nothing
Homework Answers
![HIS Solution i=8= 6.6-1. 6.6 100 0.066 Quartly 0.066 = 0.0165 n = 8 years 8 X 4= 32 Future Value= $20,000 fv = cf(+12] [1+i3](http://img.homeworklib.com/questions/3baf2bc0-f15a-11ea-951f-d37dab5606e9.png?x-oss-process=image/resize,w_560)
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