document.write( "Question 1098605: Find the amount of each payment to be made into a sinking fund which earns 8% compounded quarterly and produces $48,000 at the end of 4.5 years. Payments are made at the end of each period. \n" ); document.write( "

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\n" ); document.write( "Find the amount of each payment to be made into a sinking fund which earns 8% compounded quarterly and produces $48,000 at the end of 4.5 years. Payments are made at the end of each period.
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The formula for the PAYMENT, per period, to an ORDINARY ANNUITY should be used. This is:, where:
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document.write( " is the future value in the amount of time (years), or the amount that will be available then ($48,000, in this case)
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document.write( "PMT is the payment amount (UNKNOWN, in this case)
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document.write( "i is the interest rate, per year (8%, or .08, in this case)
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document.write( "m is the number of compounding periods per year (4, in this case)
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document.write( "t is the amount of time, in years, that the money is left in the fund (4.5, in this case) \n" );
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