(SHOW ME STEPS PLEASE ON FINANCIAL CALCULATOR)

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Chapter x G WHAT I X G You hav x A The effe x * Chapter x * Homew x Your Re x M Chapter x Final Ex x Your Re x G Early in x + File |file:///Usersewmac/Downloads/Final%20Exam%20Preparation%20Key-1.pdf O :Apps @ Cite This For Me -... Apple iCloud f Facebook! Twitter HHS W Wikipedia Yahoo! News Popular >> Other Bookmarks Final Exam Preparation Key-1.pdf 7 / 14 C Short Answer - Show Work for Partial Credit 6 Question; 60 Possible Points Problem 1 - Time Value of Money (4 Points) On December 31, 2013, Beach Inc. determined that a sinking fund would be necessary to retire a bond with a $1,500,000 face value maturing on December 31, 2019. The coupon rate for the bond is 6% per annum. Beach Inc. contributed an initial $500,000 to the sinking fund on January 1, 2014. Beach Inc. also plans to contribute an amount on an annual basis (equal contributions starting on December 31, 2014 and ending on December 31, 2019). Beach Inc.'s sinking fund contributions earn 8% per annum. Future value factors are as follows: At 6% At 8% Future value of 1 for 5 periods 1.33823 1.46993 Future value of 1 for 6 periods 1.41852 1.58687 Future value of an ordinary annuity of 1 for 5 periods 5.63709 5.86660 Future value of an ordinary annuity of 1 for 6 periods 6.97532 7.33592 How much does Beach Inc. need to contribute on an annual basis to have the funds sufficient to retire the bond