Paying off a School Bond Problem
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Paying off a School Bond Problem

[From: ] [author: ] [Date: 12-03-24] [Hit: ]
4659972.its quite simple,......
A school board issues bonds in the amount of $20,000,000 to be retired in 25 years. How much must be paid into a sinking fund at 6% compounded annually to pay off the total amount due?

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20000000/1.06^25
4659972.61

it's quite simple, you could have figured out on your own if you would do it yourself :)
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