For the Sinking Funds, Use Table 12-1 from Your Text

question 13

Short Answer

For the sinking funds, use Table 12-1 from your text to calculate the amount of the periodic payments needed to amount to the financial objective (future value of the annuity), rounding to the nearest cent: $$\begin{array} { l l l l l l } \text { Sinking Fund } & \text { Payment } & \text { Time } & \text { Nominal } & \text { Interest } & \text { Future Value } \\\text { Payment } & \text { Frequency } & \text { Period } & \text { Rate } & \text { Compounded } & \text { (Objective) } \\&\text { every } 3 \text { months } & 1 \frac{1}{2} & 16 \%& \text { quarterly } &\$ 2,500 \end{array}$$

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