algebra

find the size of each 5 payments made at the end of each year into a 6% rate sinking fund which produces 76000 at the end of 5 years

  1. 👍
  2. 👎
  3. 👁
  1. let the payment be P
    P( 1.06^5 - 1)/.06 = 76000
    P(.63709296)
    P = 13482.13

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    Suppose Jessica places $8500 in an account that pays 7% interest compounded each year. Assume that no withdrawals are made from the account. Follow the instructions below. Do not do any rounding. a)Find the amount in the account

  2. math

    Suppose Jessica places in an account that pays interest compounded each year. Assume that no withdrawals are made from the account. Follow the instructions below. Do not do any rounding. a)Find the amount in the account at the end

  3. math

    A $15,000 debt is to be amortized in 12 equal semiannual payments at 5.5% interest per half-year on the unpaid balance. Construct an amortization table to determine the unpaid balance after two payments have been made. Round

  4. Finance

    Sutton Corporation, which has a zero tax rate due to tax loss carry-forwards, is considering a 5 year, $6,000,000 bank loan to finance service equipment. The loan has an interest rate of 10% and would be amortized over 5 years,

  1. Mathematics

    (a)A loan of 12 000 was borrowed from a bank at 14% per annum Calculate (i) The interest on the loan at the end of the first year (ii) The total amount owing at the end of the first year A repayment of $ 7 800 was made at the

  2. Mathematics

    A loan of 12,000 was borrowed from a bank at 14% per annum. Calculate the interest of the loan at the end of the first year. And the total amount owing at the end of the first year. A repayment was made of 7,800 at the start of

  3. Math

    If a hospital received $5,000 in payments per year at the end of each year for the next tweleve years from an uninsured patient who underwent an expensive operation, what would be the current value of these commection payments: at

  4. MBA Finance

    Sally has won the grand prize in a lottery and must choose between the following three options: A. Receive a lump sum payment of $10,000,000 B. Receive annual end of year payments $2,000,000 for the next 8 years: C. Receive annual

  1. Math

    A certain department store requires its credit-card customers to pay interest on unpaid bills at the rate of 18% per year compounded monthly. If a customer buys a television set for $500 on credit and makes no payments for one

  2. personal finance

    After a protracted legal case, Joe won a settlement that will pay him $11,000 each year at the end of the year for the next ten years. If the market interest rates are currently 5%, exactly how much should the court invest today,

  3. Financial Management

    Hi, would anyone be willing to help with this. Thanks :) 2. Find the following values: a) An intial $500 compounded for 10 years at 6 percent b) An intial $500 compounded for 10 years at 12 percent c) The present value of $500 due

  4. Math

    You are the financial manager at Best Buy where a certain TV set is normally sold for $2,500 and the full purchase price is financed for 30 monthly payments at 24% per year compounded monthly, with the payments made at the end of

You can view more similar questions or ask a new question.