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Loan of EGP 20,000 is taken out. A sinking fund is set up to pay back the EGP 20,000 in one lump sum at the

Loan of EGP 20,000 is taken out. A sinking fund is set up to pay back the EGP 20,000 in one lump sum at the end of 4 years. The sinking fund earns j₂ = 4% and deposits are made semiannually. Find the book value of the debt after 1.5 years.

Multiple Choice

12,868.66
2330.20
7131.344

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