You own an apartment in a medium rise city building. It is anticipated that the buildings lift will require replacement in 15 years. The escalated replacement cost of the lift in 2036 is estimated to be $150,000. As the treasurer for the buildings Body Corporate, you need to assess what annual amount the Body Corporate need to put into a sinking fund to cover the cost of the lift in 2036. The sinking fund attracts an interest rate of 6.5% per annum.

a. $582.43 b. $5,824.34 c. $6,202.92 d. $620.29