15 semiannual payments are made into a sinking fund at 7% compounded semiannually so that $4850 will be present. Find the amount of each payment rounded to the nearest cent

251.35

245.45

235.87

251

Correct Answer: 251.35

Explanation:

R=S[i/(1+i)^n-1]

Question

15 semiannual payments are made into a sinking fund at 7% compounded semiannually so that $4850 will be present. Find the amount of each payment rounded to the nearest cent

Accepted Answer

R=S[i/(1+i)^n-1]

15 semiannual payments are made into a sinking fund at 7% compounded semiannually so that $4850 will be present. Find the amount of each payment rounded to the nearest cent

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