Posted by karen on .
Find the amount accumulated in the sinking fund if $200 is deposited monthly for 14 years at 3% per year. (Assume endofperiod deposits and compounding at the same intervals as deposits. Round your answer to the nearest dollar.)

math 
karen,
Find the amount accumulated in the sinking fund if $1600 is deposited quarterly for 20 years at 6% per year. (Assume endofperiod deposits and compounding at the same intervals as deposits. Round your answer to the nearest dollar.)

math 
Reiny,
monthly rate = .03/12 = .0025
no of months in 14 years = 168
so Amount = 200[1.0025^168  1]/.0025
= $41693 to the nearest dollar