Phoenix Corporation is depositing equal sums of money at the beginning of every three months into a sinking fund to redeem a $165 000.00 promissory note due 11 years from now.Interest earned by the fund is 4.6% compounded quarterly.
a)Determine the size of the quarterly payments into the sinking fund.
b)Compute the balance in the fund after 6 years.
c)Compute the increase in the fund during the 25th payment interval.
d)Construct a partial sinking fund schedule showing details of the first three deposits,the last three deposits,and totals.

Question

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The Answer of Phoenix Corporation is depositing equal sums of money at the beginning of every three months into a sinking fund to redeem a $165 000.00 promissory note due 11 years from now.Interest earned by the fund is 4.6% compounded quarterly.
a)Determine the size of the quarterly payments into the sinking fund.
b)Compute the balance in the fund after 6 years.
c)Compute the increase in the fund during the 25th payment interval.
d)Construct a partial sinking fund schedule showing details of the first three deposits,the last three deposits,and totals.

Phoenix Corporation Is Depositing Equal Sums of Money at the Beginning