A corporation creates a sinking fund in order to have $630,000 to replace some machinery in 8 years. How much should be placed in this account at theend of each month if the annual interest rate is 4.8% compounded monthly? (Round your answers to the nearest cent.)$4How much interest would they earn over the life of the account?Determine the value of the fund after 2, 4, and 6 years.2 years $4 years $6 years $How much interest was earned during the second month of the 4th year?Additional MaterialsO eBook

Monthly Loan Payments: These are periodic payments made by the borrower for taking the loan from…

A corporation creates a sinking fund in order to have $630,000 to replace some machinery in 8 years. How much should be placed in this account at the end of each month if the annual interest rate is 4.8% compounded monthly? (Round your answers to the nearest cent.) How much interest would they earn over the life of the account? Determine the value of the fund after 2, 4, and 6 years. 2 years $ 4 years $ 6 years $

A corporation creates a sinking fund in order to have $630,000 to replace some machinery in 8 years. How much should be placed in this account at the end of each month if the annual interest rate is 4.8% compounded monthly? (Round your answers to the nearest cent.) How much interest would they earn over the life of the account? Determine the value of the fund after 2, 4, and 6 years. 2 years $ 4 years $ 6 years $

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 23E

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