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March 29, 2017

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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 - ,

    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 - ,

    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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