A corporation creates a sinking fund in order to have $790,000 to replace some machinery in 12 years. How much should be placed in this account at the end of each month if the annual interest rate is 5.9% 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 $ How much interest was earned during the fourth month of the 6th year? $

A corporation creates a sinking fund in order to have $790,000 to replace some machinery in 12 years. How much should be placed in this account at the end of each month if the annual interest rate is 5.9% 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 $ How much interest was earned during the fourth month of the 6th year? $

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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