   Chapter 12, Problem 13CR ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Write the formula for calculating a sinking fund payment by table. (12-7)

To determine

The formula to calculate sinking fund payment with the help of the table 12-7.

Explanation

Consider that payment frequency is 6 months, time duration is 4 years, nominal rate of return is 8% and interest is compounded semiannually and future value amount is \$1,800,000.

The rate period is 4%(8%÷2 period per year).

The number of periods is 8(4 years×2 period per year).

From Table 12.1, the table factor for 4%, eight periods is 9.21423.

Substitute 9

### Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

#### The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started 