A corporation creates a sinking fund in order to have $930,000 to replace some machinery in 9 years. How much should be placed in this account at the end of each month if the annual interest rate is 8.9% compounded monthly? _______

$ How much interest would they earn over the life of the account? $ _______

Determine the value of the fund after 2, 4, and 6 years.

2 years $ ______

4 years $ _______

6 years $________