Find the amount of payment into a sinking fund. Amount Needed: $57,000 Years Until Needed: 3 Interest Rate: 6% Interest Compounded: Semiannually

asked Mar 15, 2018 175k views

4 votes

Find the amount of payment into a sinking fund.

Amount Needed: $57,000

Years Until Needed: 3

Interest Rate: 6%

Interest Compounded: Semiannually

by Azzy

8.1k points

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6 votes

57000=X [((1-0.06/2)^(2*3)-1)/(0.06/2)]
Solve for x
X=8812.06

Abe Voelker answered Mar 19, 2018

8.4k points

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