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a regular saving of 350$ is made into a sinking fund at the start of each...

a regular saving of 350$ is made into a sinking fund at the start of each year for 7 years. Determine the final value of the fund if the rate of interest is 10% compounded anually
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Answer #1

Since the contribution is made at the start of the year, the interest will be calculated on the full amount. Hence the working will be as follows:

Hence value of the fund at the end of 7 years is $3,652.56  

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