Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A corporation creates a sinking fund in order to have $610,000 to replace some machinery in 11 years. How much should be placed in this

A corporation creates a sinking fund in order to have $610,000 to replace some machinery in 11 years. How much should be placed in this account at the end of each quarter if the annual interest rate is 4.9% compounded quarterly? (Round your answers to the nearest cent.)

$10544.14 How much interest would they earn over the life of the account? $ 146057.84 Determine the value of the fund after 2, 4, and 6 years.

2 years $ 88059.78
4 years $ 185128.62
6 years $ 292128.22

How much interest was earned during the fourth quarter of the 7th year?

?

i cant figure out the last part. im using the Ti-84 finance application so please show me how to use it on that

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions