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Solve the Application Problem

Question 15

Multiple Choice

Solve the application problem. Round to the nearest cent. Solve the application problem. Round to the nearest cent. -Find the amount of each payment into a sinking fund if $14,000 must be accumulated. Payments are made at the end of each quarter for 3 years, with interest of 6% compounded quarterly. A) $4,597.32 B) $1,180.06 C) $829.92 D) $1,073.52
-Find the amount of each payment into a sinking fund if $14,000 must be accumulated. Payments are made at the end of each quarter for 3 years, with interest of 6% compounded quarterly.


A) $4,597.32
B) $1,180.06
C) $829.92
D) $1,073.52

Correct Answer:

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