4. A sinking fund amounting to $15,000 is to be created by making payments at the beginning of every year for 6 years. Interest earned by the fund is 74% compounded annually. Determine the size of the periodic payment and construct the sinking fund schedule.
4. A sinking fund amounting to $15,000 is to be created by making payments at the beginning of every year for 6 years. Interest earned by the fund is 74% compounded annually. Determine the size of the periodic payment and construct the sinking fund schedule.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 20P
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