Use the Sinking Fund Formula to Determine the Payment Needed

question 179

Multiple Choice

Use the sinking fund formula to determine the payment needed to reach the accumulated amount. Round the answer to
the nearest cent.
-Quarterly payments with 7.3% interest compounded quarterly for 5 years to accumulate $85,000

• A) $424.72
• B) $3559.70
• C) $1413.02
• D) $393.99

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Definitions:

Lateralization

The tendency for some neural functions or cognitive processes to be more dominant in one hemisphere of the brain than the other.

Amygdala

A region of the brain involved in experiencing emotions, such as fear and pleasure.

Motor Cortex

A region of the cerebral cortex involved in the planning, control, and execution of voluntary movements.

Frontal Lobes

Regions of the brain located at the front part of the cerebral cortex, involved in decision making, problem-solving, control of purposeful behaviors, consciousness, and emotions.