6A)

6B)

Norm Legend has been awarded a scholarship from Canmore College. For the next 10 years, he will receive $3,500 for tuition and books at the beginning of each month. How much must the school set aside now in an account earning 21% interest compounded monthly to pay Norm's scholarship? Round your answer to the nearest cent. Do not round intermediate calculations. $ Solve the following by using the sinking fund formula. Round your answer to the nearest cent. Do not round intermediate calculations. Sinking Fund Payment Time Nominal Interest Future Value Payment Frequency Period (years) Rate (%) Compounded (Objective) every 3 months 1 5 2 4 quarterly 2,300