Rasheed Furnishing issued bonds worth $500,000 to expand its factory. It established a sinking fund to retire this debt in 3 years and made deposits into it at the end of every six months. The fund was earning 7.00% compounded semi-annually.

Schedule can be completed in Excel. No work needs to be shown for schedule entries.

a. Calculate the size of the periodic sinking fund deposits.

Round up to the next cent

b. Construct a sinking fund schedule, illustrating the details of the fund for 3 years.

For answers: Round to the nearest cent

Payment Period	Payment	Interest Earned	Increase in the Fund	Fund Balance	Book Value
0				$0.00	$500,000.00
1
2
3
4
5
6
Total

please show work