Question
A corporation creates a sinking fund in order to have $760,000 to replace some machinery in...
A corporation creates a sinking fund in order to have $760,000 to replace some machinery in 8 years. How much should be placed in this account at the end of each month if the annual interest rate is 3.6% compounded monthly? (Round your answers to the nearest cent.) $ How much interest would they earn over the life of the account?
Determine the value of the fund after 2, 4, and 6 years.
$ How much interest was earned during the third month of the 7th year? $
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