Present and future value tables of 1 at 9% are presented below. PV of $1 FV of $

Question

Present and future value tables of 1 at 9% are presented below. PV of $1 FV of $1 PVA of $1 FVAD of $1 FVA of $1 1 0.91743 1.09000 0.91743 1.0900 1.0000 2 0.84168 1.18810 1.75911 2.2781 2.0900 3 0.77218 1.29503 2.53129 3.5731 3.2781 4 0.70843 1.41158 3.23972 4.9847 4.5731 5 0.64993 1.53862 3.88965 6.5233 5.9847 6 0.59627 1.67710 4.48592 8.2004 7.5233 Claudine Corporation will deposit $6,900 into a money market sinking fund at the end of each year for the next five years. How much will accumulate by the end of the fifth and final payment if the sinking fund earns 9% interest?

Explanation / Answer

Deposit in Money market Sinking fund = $ 6900

Amount accumlated by the end of 5th and final payment will be

= $6900 (FVIFA 9%,5 years)

=$6900 X 5.9847

=$41,294.43

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