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**IT SAYS TO USE THIS TABLE BUT I KEEP GETTING THE ANSWER WRONG Rob Herndon, an accountant with Southwest Airlines, wants to retire 50% of
**IT SAYS TO USE THIS TABLE BUT I KEEP GETTING THE ANSWER WRONG
Rob Herndon, an accountant with Southwest Airlines, wants to retire 50% of Southwest Airlines bonds by 2028. Calculate the payment Rob needs to make at the end of each year at 8% compounded annually to reach his goal of paying off $280,000 in 10 years. (Use Table 13.3.) (Do not round intermediate calculations.) Future value after 8 years TABLE 13-3 Period 2% 3% 4% 5% 6% 8% 10% Sinking fund table based on $1 1 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 0.4808 2 0.4951 0.4926 0.4878 0.4902 0.3203 0.4854 0.3141 3 0.3268 0.3235 0.3172 0.3080 4 0.2426 0.2390 0.2355 0.2219 0.2320 0.1810 0.2286 0.1774 5 0.1884 0.1846 0.1705 0.1922 0.1585 1.0000 0.4762 0.3021 0.2155 0.1638 0.1296 0.1054 0.0874 0.0736 6 0.1508 0.1470 0.1434 0.1363 0.1546 0.1305 7 0.1266 0.1191 0.1345 0.1165 0.1121 0.0940 8 0.1125 0.1228 0.1047 0.0907 0.1085 0.1010 9 0.1025 0.0984 0.0945 0.0870 0.0801 10 0.0913 0.0872 0.0833 0.0795 0.0759 0.0690 0.0627 11 0.0822 0.0781 0.0704 0.0668 0.0601 0.0540 0.0741 0.0666 12 0.0746 0.0705 0.0628 0.0593 0.0527 0.0468 13 0.0681 0.0640 0.0601 0.0565 0.0530 0.0408 14 0.0626 0.0585 0.0547 0.0499 15 0.0578 0.0510 0.0463 0.0423 0.0476 0.0430 0.0390 0.0538 0.0496 0.0460 0.0465 0.0413 0.0368 0.0330 0.0296 16 0.0537 0.0458 0.0357 0.0315 0.0278 0.0247 0.0219 0.0195 17 0.0500 0.0422 0.0387 0.0354 18 0.0467 0.0390 0.0355 0.0267 0.0427 0.0398 0.0324 0.0296 19 0.0438 0.0361 0.0327 0.0241 20 0.0412 0.0372 0.0336 0.0302 0.0272 0.0219 0.0175 24 0.0329 0.0290 0.0256 0.0225 0.0197 0.0 150 0.0113 0.0075 28 0.0270 0.0233 0.0200 0.0171 0.0146 0.0105 32 0.0226 0.0190 0.0159 0.0133 0.0110 0.0075 0.0050 36 0.0192 0.0158 0.0129 0.0104 0.0084 0.0053 0.0033 40 0.0166 0.0133 0.0105 0.0083 0.0065 0.0039 0.0023Step by Step Solution
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