A corporation creates a sinking fund in order to have $990,000 to replace some machinery in 8 years. How much should be placed in this account at the end of each quarter if the annual interest rate is 4.6% compounded quarterly? (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.

2 years		$
4 years		$
6 years		$

How much interest was earned during the third quarter of the 5th year?
$

Answer rating: 100% (QA)

Step 11 The following formula is used to determine how much should be added to the sinking fund each ... View the full answer