Mechanic's Hardware needs to accumulate 41,000 in 3 years to ...

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Mechanic's Hardware needs to accumulate 41,000 in 3 years to purchase new equipment. What sinking fund payment would they need to make at the END of each month, at 6 interest compounded monthly? (Use Table 12-1 from your text)
 A) 2,111.35
  B) 1,885.21
  C) 1,042.30
  D) 1,399.56

Question 2

Jon wishes to accumulate 4,500 in 8 years for a long vacation. Use Table 12-1 from your text to find the sinking fund payment he would need to make at the END of every six months, at 4 interest compounded semiannually.
 A) 241.43
  B) 233.97
  C) 207.63
  D) 344.10

[popopong]

Answer to Question 1

C

Answer to Question 2

A