# What is the amount of payment to be made in a sinking fund

Anonymous
account_balance_wallet \$5

### Question Description

What is the amount of payment to be made in a sinking fund so that the indicated amount will be there when needed. Round to the nearest cent    \$14,000 in 5 years,   money earns 8% compounded quarterly,   20 quarterly payments

psumanrec
School: University of Virginia

We have the formula as

FV=\$14,000

i=rate of interest=8/4 =2%

n=20

Substitute and solve for PMT,

Thus \$576.20 must be made into the shrinking fund.

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