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What is the total paid into the fund by ace machinery

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Ace Machinery wants to provide for replacement of equipment seven years from now, estimated to cost $60 000.00. To do so, the company sets up a sinking fund into which it will pay equal sums of money at the beginning of each of the next seven years. Interest paid by the fund is 4.5% compounded annually.

Question i. What is the size of the annual payment into the fund?

Question ii. What is the total paid into the fund by Ace Machinery?

Question iii. How much of the fund will be interest?

Reference no: EM132699085

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