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The City of Regina borrows $10,000,000.00 at 6% c.a. with interest payable yearly, and the full principal due and payable in 20 years. A sinking
The City of Regina borrows $10,000,000.00 at 6% c.a. with interest payable yearly, and the full principal due and payable in 20 years. A sinking fund is set up with yearly deposits estimated to earn 5% c.a. After 9 years have passed, it is found that the fund contains $3,500,000.00 Determine the new yearly contributions necessary for the fund to achieve its goal if the estimated rate of interest for the remaining 11 years is 3% c.a
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