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
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