Question

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to the nearest cent. Annual payments with 5% interest compounded annually for 8 years to accumulate $6000
A. $736.92

B. $544.14

C. $628.33

D. $203.05

Answer 1

i guess you need the sinking fund formula. do you have it?

Answer 2

no

Answer 3

sinking fund formula?

Answer 4

Found a site that explain this formula http://www.property-investing.org/sinking-fund.html
manie this is all yours!

Answer 5

thanks