Find the amount accumulated in the sinking fund if $350 is deposited monthly for 14 years at 7% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest dollar.)

Answer 1

monthly rate = i = .07/12 = .0058333
number of payments = n = 14x12 = 168

Amount = 350[(1 + .0058333)^168 - 1]/.0058333
= 99412.84
or $99413 to the nearest dollar.