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Find the required payment for the sinking fund: Quarterly deposits earning 7.4% to accumulate $66,000 after 30 years.

Find the required payment for the sinking fund: Quarterly deposits earning 7.4% to accumulate $66,000 after 30 years.

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Parviz F. | Mathematics professor at Community CollegesMathematics professor at Community Colle...
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X ( 1 + 0.074/4) ^ (30*4) = 66000
 
 log X +  120 log ( 1+.074/4) = log 66000
 
 
  log X = log 66000 - 120 log(1.0185)= 
 
    X = 7311.39