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A sinking fund amounting to $18,000 is to be created by making payments at the beginning of every 3 months for 5 years. Interest earned
A sinking fund amounting to $18,000 is to be created by making payments at the beginning of every 3 months for 5 years. Interest earned by the fund is 12.3% compounded quarterly. Determine the size of the quarterly payments, and prepare a sinking fund schedule for the first four payment intervals. The size of the payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Complete the table. (Round the final answers to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Payment Periodic Payment Payment Increase in Balance at End of Interval Number (Beginning) Interval Interest Fund Payment Interval 0 $0.00 1 EA $ $ $ 2 CA $ $ 3 $ $ $ SA 4 $ $ $ $
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