Question:

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

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