Solve the Application Problem

question 20

Multiple Choice

Solve the application problem. Round to the nearest cent.
-Find the amount of each payment into a sinking fund if $14,000 must be accumulated. Payments are made at the end of each quarter for 3 years, with interest of 6% compounded quarterly.

• A)$4,597.32
• B)$1,180.06
• C)$829.92
• D)$1,073.52

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Definitions:

DateHired Field

A specific field in a database table that records the date an employee was hired.

Single-Value Lookup Field

A type of field in a database that allows the user to select a single value from a list, linking it to another table for reference.

OrderDate

A specific column or field in a database or data set that records the date on which an order was placed or processed.

Number Field

A Number Field is a type of data field in databases designated to store numerical information, such as integers or decimals.