PLEASE NO HANDWRITTEN OR COPIED ANSWERS The city of Metropolis borrows $ 88,000,000 so that it can build a football stad...
PLEASE NO HANDWRITTEN OR COPIED ANSWERS
The city of Metropolis borrows
$ 88,000,000 so that it can build a
football stadium. It plans to setup a
sinking fund that will repay the loan
10 years later. Assume a 6% interest
rate per year. What will Metropolis
have to place in the fund in the beginning
of each year in order to pay back the
$ 88,000,000?
Select one:
a. $ 534,309
b. $ 536,980
c. $ 6,298,472
d. $ 6,676,380
Homework Answers
| Amount requird at the end of 10th year | 88000000 | ||||
| divide: Annuity FVF at 6% for 10 years | 13.18079 | ||||
| Annual deposits required to be made | 6676383 | ||||
| Answr is d. $ 6676380 | |||||
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