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Question 2 [5 points] Universal Maintenance Co. wants to accumulate $350,000 in two years. They anticipate that they can get a sinking-fund at 7.50% compounded
Question 2 [5 points] Universal Maintenance Co. wants to accumulate $350,000 in two years. They anticipate that they can get a sinking-fund at 7.50% compounded monthly. They want to make quarterly payments over the two year term. Construct a sinking fund schedule for the fund and calculate the totals of each column. For full marks your answer(s) should be rounded to the nearest cent. Payment Payment amount Interest earned Principal number at end ($) or accrued ($) increase ($) 0 1 2 40,941.90 40,941.90 40,941.90 40,941.90 0.00 0.00 0.00 0.00 0.00 4 5 0.00 772.47 1,559.51 2,361.40 0.00 0.00 0.00 0.00 0.00 Principal balance accumulated at end of payment interval ($) 0.00 40,941.90 82,656.27 125, 157.68 168,460.98 0.00 0.00 0.00 0.00 40,941.90 41,714.37 42,501.41 43,303.30 0.00 0.00 0.00 0.00 0 7 8 Total 0.00
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