A sinking fund is established to discharge a debt of $70,000 in 8 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) $806.23
B) $1,308.65
C) $3,472.76
D) $582.57
E) $374.69

Question

A sinking fund is established to discharge a debt of $70,000 in 8 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) $806.23
B) $1,308.65
C) $3,472.76
D) $582.57
E) $374.69

Quizplus · Accepted Answer

The Answer of A sinking fund is established to discharge a debt of $70,000 in 8 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) $806.23
B) $1,308.65
C) $3,472.76
D) $582.57
E) $374.69

A Sinking Fund Is Established to Discharge a Debt of $70,000