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Find the amount of each payment to be made into a sinking fund which earns
Catracho
Catracho
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4 months ago
4 months ago
Find the amount of each payment to be made into a sinking fund which earns
Find the amount of each payment to be made into a sinking fund which earns 7% compounded quarterly and produces $34,000 at the end of 3.5 years. Payments are made at the end of each period.
The payment size is $? (Do not round until the final answer. Then round to the nearest cent.)
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bio_man
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4 months ago
Here you'll need the annuity formula:
\(A=\frac{R\left[\left(1+\frac{r}{n}\right)^t−1\right]}{\frac{r}{n}}\)
A = future value amount \(\rightarrow\) 34 000
R = regular deposit/payment
r = interest rate \(\rightarrow\) 7% or 0.07
n = compounding periods per year \(\rightarrow\) 4
t = total number of deposits \(\rightarrow\) 4 + 4 + 4 + 2 =
14
\(34000=\frac{R\left[\left(1+\frac{0.07}{4}\right)^{14}−1\right]}{\frac{0.07}{4}}\)
\(34000\left(\frac{0.07}{4}\right)=R\left[\left(1+\frac{0.07}{4}\right)^{14}−1\right]\)
\(\frac{34000\left(\frac{0.07}{4}\right)}{\left[\left(1+\frac{0.07}{4}\right)^{14}−1\right]}=R\)
\(R=2164.291\)
Rounded: R = 2164.29
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