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A woman is selling some land, and she will be paid a lump sum of $80,000 in 6 years. Until then, the buyer pays 7% simple interest quarterly.

(a) Find the amount of each quarterly interest payment.

(b) The buyer sets up a sinking fund so that enough money will be present to pay off the $80,000. The buyer wants to make semiannual payments into the sinking fund; the account pays 6% compounded semiannually. Find the amount of each payment into the fund.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92101243

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