Find the amount of each payment to be made into sinking fund

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Reference no: EM131851953

1. The State Employees' Credit Union offers a 1-year certificate of deposit with an APR (or effective rate) of 5.8%. If interest is compounded quarterly, find the actual interest rate. Round to the nearest tenth of a percent.

A) 5.9% B) 5.7% C) 6.6% D) 5.3%

2. Find the amount of each payment to be made into a sinking fund so that enough willl be present to accumulate the following amount. Payments are made at the end of each period. The nearest interest rate given is per period.

$69,000; money earns 5% compounded quarterly for 3.5 years

A) $1262.14 B) $1659.51 C) $1181.45 D) $4,540.56

Reference no: EM131851953

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