Posted by **karen** on Monday, March 9, 2009 at 7:29pm.

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

- math -
**karen**, Monday, March 9, 2009 at 7:35pm
Find the amount accumulated in the sinking fund if $1600 is deposited quarterly for 20 years at 6% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest dollar.)

- math -
**Reiny**, Monday, March 9, 2009 at 7:36pm
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

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