Question: HY Industries Ltd. plans to replace a warehouse in nine years at an anticipated cost of $65,000. To pay for the replacement, a sinking fund

HY Industries Ltd. plans to replace a warehouse in nine years

HY Industries Ltd. plans to replace a warehouse in nine years at an anticipated cost of $65,000. To pay for the replacement, a sinking fund has been established into which equal payments are made at the end of every 6 months. Interest is 5.5% semi-annually. (a) What is the size of the periodic payment? (b) What is the accumulated balance just after the 14th payment? (a) The periodic payment is : (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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