Use the sinking fund formula to determine the payment needed

Last updated: 7/29/2022

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round to the nearest cent. Quarterly payments with 5.8% interest compounded quarterly for 3 years, and will accumulate to $82,000. A. $2,285.22 B. $6,305.36 C. $1,657.43 D. $1,789.73