Hey! Need help with the following, it states to round to the nearest cent, thank you! Find the amount of each payment to be made into a sinking fund earning 6% compounded monthly to accumulate $99,000 over 4 years. Payments are made at the end of each period.The payment size is $(Round to the nearest cent.)C...

Sinking fund: It is the fund to which the companies keep on adding money so that they can pay their…

Answered: Find the amount of each payment to be…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Find the amount of each payment to be made into a sinking fund earning 6% compounded monthly to accumulate $99,000 over 4 years. Payments are made at the end of each period. The payment size is $. (Round to the nearest cent.)