A couple agrees to sell an antique vase to a local museum for

$15,000.

They want to defer the receipt of this money until they retire in

5

years (and are in a lower tax bracket). If the museum can earn

6.1%

compounded annually, find the amount of each annual payment it should make into a sinking fund so that it will have the necessary

$15,000

in

5

years.

Each payment should be $?

A couple agrees to sell an antique vase to a local museum for $15,000. They want to defer the receipt of this money until they retire in 5 years (and are in a lower tax bracket). If the museum can earn 6.1% compounded annually, find the amount of each annual payment it should make into a sinking fund so that it will have the necessary $15,000 in 5 years. The payments to the sinking fund form an because the payments are equal and made at the end of each period. Therefore, the formula FV=PMT[i(1+i)n1] shoulo be used. Each payment should be $ (Do not round until the final answer. Then round to the nearest cent as needed.)