A sinking fund is established to discharge a debt of $80,000 in 11 years. If deposits are made at the end of each 6-month period and interest is paid at the annual rate of 6%, compounded semiannually, what is the amount of each deposit? Round your answer to the nearest cent.
A)$823.02
B)$1,252.54
C)$2,619.79
D)$612.85
E)$405.67

Question

A sinking fund is established to discharge a debt of $80,000 in 11 years. If deposits are made at the end of each 6-month period and interest is paid at the annual rate of 6%, compounded semiannually, what is the amount of each deposit? Round your answer to the nearest cent. ​
A)$823.02
B)$1,252.54
C)$2,619.79
D)$612.85
E)$405.67

Quizplus · Accepted Answer

The Answer of A sinking fund is established to discharge a debt of $80,000 in 11 years. If deposits are made at the end of each 6-month period and interest is paid at the annual rate of 6%, compounded semiannually, what is the amount of each deposit? Round your answer to the nearest cent. ​
A)$823.02
B)$1,252.54
C)$2,619.79
D)$612.85
E)$405.67

A Sinking Fund Is Established to Discharge a Debt of $80,000