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 endofperiod 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 endofperiod 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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