Find the Amount of Each Payment Needed to Accumulate the Indicated

question 63

Multiple Choice

Find the amount of each payment needed to accumulate the indicated amount in a sinking fund. Round to the nearest
cent.
-$8,900, money earns 12% compounded monthly, 3 years

• A)$18.33
• B)$2,937.18
• C)$2,637.52
• D)$206.57

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Definitions:

First-Assignment-In-Time Rule

A principle in law that gives priority to the party that first received the property or asset, often used in disputes over claims or ownership.

Emotional Intelligence

An ability to understand emotions and manage relationships effectively.

Contagious Emotions

The phenomenon where emotions experienced by one person can spread to others in their vicinity, affecting the overall mood and behavior.

Emotional Intelligence

The capacity to be aware of, control, and express one's emotions, and to handle interpersonal relationships judiciously and empathetically.