A city has $2.8 million worth of school bonds that are due in 14 years and has establishing a sinking fund to retire this debt. If the fund earns interest at the rate of 8%/year compounded annually, what amount must be deposited annually in this fund? Round your answers to two decimal places.

Question

A city has $2.8 million worth of school bonds that are due in 14 years and has establishing a sinking fund to retire this debt. If the fund earns interest at the rate of 8%/year compounded annually, what amount must be deposited annually in this fund? Round your answers to two decimal places. ​

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The Answer of A city has $2.8 million worth of school bonds that are due in 14 years and has establishing a sinking fund to retire this debt. If the fund earns interest at the rate of 8%/year compounded annually, what amount must be deposited annually in this fund? Round your answers to two decimal places. ​

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