Paul and Donna Kelsch are planning a Mediterranean cruise in 5 years and will need $9,500 for the trip. They decide to set up a sinking fund" savings account for the vacation. They intend to make regular payments at the end of each 3-month period into the account that pays 8% interest compounded quarterly. What periodic sinking fund payment will allow them to achieve their vacation goal? Round your answer to the nearest cent. Do not round intermediate calculations.

Paul and Donna Kelsch are planning a Mediterranean cruise in 5 years and will need $9,500 for the trip. They decide to set up a sinking fund" savings account for the vacation. They intend to make regular payments at the end of each 3-month period into the account that pays 8% interest compounded quarterly. What periodic sinking fund payment will allow them to achieve their vacation goal? Round your answer to the nearest cent. Do not round intermediate calculations.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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