Solve by using the sinking fund or amortization formula. A manufacturing company has determined that it will need $600,000 in 7 years for a new roof on its southeastern regional warehouse. A sinking fund is established for the roof at 3.2% compounded semiannually. What equal payments (in $) are required every 6 months to accumulate the needed funds for the roof? (Round your answer to the nearest cent.)

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Q: A business must raise $60,000 in 7 years. What should be the size of the owners' quarterly payment…

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A: ANSWER IS AS BELOW:

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A: Thanks for the question :)And your upvote will be really appreciable ;)

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Q: what is the unpaid balance immediately after the sixth payment?

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Equations and Inequations

Equations and inequalities describe the relationship between two mathematical expressions.

Linear Functions

A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.