Chris borrows an amount of $L to be repaid under the sinking fund method. At the end of (11) each year for 15 years, Chris will pay the interest on the loan and make a deposit into the sinking fund. The amount to be deposited into the sinking fund is such that the sinking fund will be equal to $L at the end of 15 years. The annual effective interest rate on the loan is 9% while the sinking fund will earn an annual effective interest rate of 6%. At the end of 5 years, the amount in the sinking fund is $104,728.58.

(a) Determine the amount of each deposit into the sinking fund.

(b) Determine the value of L.

(c) Determine the amount of interest paid on the loan each year

PLEASE NO EXCEL ONLY FORMULAS!!