Find the amount of payment into a sinking fund. Amount Needed: $23,000 Years Until Needed: 10 Interest Rate: 4% Interest Compounded: Quarterly

asked Mar 15, 2018 211k views

4 votes

Find the amount of payment into a sinking fund.

Amount Needed: $23,000

Years Until Needed: 10

Interest Rate: 4%

Interest Compounded: Quarterly

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3 votes

23000=X [((1+0.04/4)^(4*10)-1)/(0.04/4)]
Solve for x
X=470.48

Vivek Dragon answered Mar 20, 2018

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