A manufacturing company is planning a $600 000 expansion 6 years from now.By that time the company intends to accumulate 75% of the cost of the expansion by making payments into a sinking fund at the beginning of each of the next six years.Interest paid by the fund is 7% compounded annually.
a)Calculate the size of annual payment into the fund.
b)Calculate the total amount deposited into the fund.
c)Calculate the amount of interest.

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The Answer of A manufacturing company is planning a $600 000 expansion 6 years from now.By that time the company intends to accumulate 75% of the cost of the expansion by making payments into a sinking fund at the beginning of each of the next six years.Interest paid by the fund is 7% compounded annually.
a)Calculate the size of annual payment into the fund.
b)Calculate the total amount deposited into the fund.
c)Calculate the amount of interest.

A Manufacturing Company Is Planning a $600 000 Expansion 6