13.Your company has a $1,000,000 bond issue that matures in 15 years.

The bond indenture requires annual payments into a sinking fund. You figure that you can earn 10% on all deposits. What must the sinking fund payments be, assuming they are equal?

14.You are paying into a sinking fund that earns 6%. If the payments are

$15,000 per year, how much will be in the fund in 15 years?

15.Your broker offers to sell you a note for $11,300 that will pay $2000 per

year for 10 years. If you buy the note, what rate of interest will you be earning?