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A sinking fund amounting to $24,000 is to be created by making payments at the beginning of every year for 10 years. Interest earned by
A sinking fund amounting to $24,000 is to be created by making payments at the beginning of every year for 10 years. Interest earned by the fund is 8% compounded annually Determine the size of the penodic payment and compute the interest earned during the fourth payment interval Verify your answer by checking the sinking fund schedule The size of the payment is s (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed) Complete the table, rounding each entry to the nearest cent (Do not include the symbol in your answers ) Periodic Payment Interval Payment Interval Increase in Number Payment Interest Balance at End of Payment Interval Fund (Beginning) 18% 0 0 1 2 3 4
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