Question: 14. Solve by using the sinking fund or amortization formula. (Round your answer to the nearest cent.) a. Sinking fund payment (in $) Sinking Fund

14. Solve by using the sinking fund or amortization formula. (Round your answer to the nearest cent.)

Sinking fund payment (in $)
Sinking Fund Payment	Payment Frequency	Time Period (years)	Nominal Rate (%)	Interest Compounded	Future Value (Objective)
$	every 3 months	4	6.0	quarterly	$7,000

b. Solve by using the sinking fund or amortization formula.

A manufacturing company has determined that it will need $600,000 in 7 years for a new roof on its southeastern regional warehouse. A sinking fund is established for the roof at 3.6% compounded semiannually. What equal payments (in $) are required every 6 months to accumulate the needed funds for the roof? (Round your answer to the nearest cent.)

$______

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