SOLUTION: A city has issued bonds to finance a new convention center. The bonds have a total face value of $3,750,000 and are payable in 6 years. A sinking fund has been opened to meet this

Algebra ->  Finite-and-infinite-sets -> SOLUTION: A city has issued bonds to finance a new convention center. The bonds have a total face value of $3,750,000 and are payable in 6 years. A sinking fund has been opened to meet this       Log On


   

Question 1127930: A city has issued bonds to finance a new convention center. The bonds have a total face value of $3,750,000 and are payable in 6 years. A sinking fund has been opened to meet this obligation. If the interest rate on the fund is 6.7% compounded quarterly, what will be the quarterly payments? (Round your final answer to two decimal places.)
$

Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
3750000=p(1+(.067/4)^24-1)/0.067/4
=$128230.00