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A state agency issues $475 million in bonds to repair bridges in the state. The state establishes a sinking fund by depositing $4 million at the end of each quarter into the fund for 20 years to repay
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A state agency issues $475 million in bonds to repair bridges in the state. The state establishes a sinking fund by depositing $4 million at the end of each quarter into the fund for 20 years to repay the bonds. The fund earns an annual interest rate of 5. 8% compounded quarterly. How much money (in millions of dollars) is in the fund after 20 years

User Blackball
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6 votes
  • $ 1900 dólares.

Step-by-step explanation:

because multiplication $475 x4

User Soheil Rahsaz
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