Using the sinking fund Table 13.3, complete the following: (Do not round intermediate calculations. Round your answer to thenearest cent.)Frequency ofpaymentPayment amountend of eachRequiredInterestLength of timeamountrateperiod$25.400Quarterly5 years8% TABLE 13-3Period2%3%4%5%6%8%10%Sinking fund tables based on $11.00001.00001.00001.00001.00001.00001.00000.49510.49260.49020.48780.48540.48080.476230.32680.32350.32030.31720.31410.30800.302140.24260.23900.23550.23200.22860.22190.21550.19220.18840.18460.18100.17740.17050.163860.15850.15460.15080.14700.14340.13630.12960.13450.13050.12660.12280.11910.11210.10548.0.11650.11250.10850.10470.10100.09400.08749.0.10250.09840.09450.09070.08700.08010.0736100.09130.08720.08330.07950.07590.06900.0627110.08220.07810.07410.07040.06680.06010.0540120.07460.07050.06660.06280.05930.05270.0468130.06810.06400.06010.05650.05300.04650.0408140.06260.05850.05470.05100.04760.04130.0357150.05780.05380.04990.04630.04300.03680.0315160.05370.04960.04580.04230.03900.03300.0278170.05000.04600.04220.03870.03540.02960.0247180.04670.04270.03900.03550.03240.02670.0219190.04380.03980.03610.03270.02960.02410.0195200.04120.03720.03360.03020.02720.02190.0175240.03290.02900.02560.02250.01970.01500.0113280.02700.02330.02000.01710.01460.01050.0075320.02260.01900.01590.01330.01100.00750.0050360.01920.01580.01290.01040.00840.00530.0033400.01660.01330.01050.00830.00650.00390.0023

Time value of money is the concept which shows the money worth today is more than the identical…

Using the sinking fund Table 13.3, complete the following: (Do not round intermediate calculations. Round your answer to the nearest cent.) Required amount Frequency of payment Payment amount end of each period Interest Length of time rate $ 25,400 Quarterly 5 years 8 % %24

Using the sinking fund Table 13.3, complete the following: (Do not round intermediate calculations. Round your answer to the nearest cent.) Required amount Frequency of payment Payment amount end of each period Interest Length of time rate $ 25,400 Quarterly 5 years 8 % %24

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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Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

Using the sinking fund Table 13.3, complete the following: (Do not round intermediate calculations. Round your answer to the
nearest cent.)
Frequency of
payment
Payment amount
end of each
Required
Interest
Length of time
amount
rate
period
$
25.400
Quarterly
5 years
8%

TABLE 13-3
Period
2%
3%
4%
5%
6%
8%
10%
Sinking fund tables based on $1
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.4951
0.4926
0.4902
0.4878
0.4854
0.4808
0.4762
3
0.3268
0.3235
0.3203
0.3172
0.3141
0.3080
0.3021
4
0.2426
0.2390
0.2355
0.2320
0.2286
0.2219
0.2155
0.1922
0.1884
0.1846
0.1810
0.1774
0.1705
0.1638
6
0.1585
0.1546
0.1508
0.1470
0.1434
0.1363
0.1296
0.1345
0.1305
0.1266
0.1228
0.1191
0.1121
0.1054
8.
0.1165
0.1125
0.1085
0.1047
0.1010
0.0940
0.0874
9.
0.1025
0.0984
0.0945
0.0907
0.0870
0.0801
0.0736
10
0.0913
0.0872
0.0833
0.0795
0.0759
0.0690
0.0627
11
0.0822
0.0781
0.0741
0.0704
0.0668
0.0601
0.0540
12
0.0746
0.0705
0.0666
0.0628
0.0593
0.0527
0.0468
13
0.0681
0.0640
0.0601
0.0565
0.0530
0.0465
0.0408
14
0.0626
0.0585
0.0547
0.0510
0.0476
0.0413
0.0357
15
0.0578
0.0538
0.0499
0.0463
0.0430
0.0368
0.0315
16
0.0537
0.0496
0.0458
0.0423
0.0390
0.0330
0.0278
17
0.0500
0.0460
0.0422
0.0387
0.0354
0.0296
0.0247
18
0.0467
0.0427
0.0390
0.0355
0.0324
0.0267
0.0219
19
0.0438
0.0398
0.0361
0.0327
0.0296
0.0241
0.0195
20
0.0412
0.0372
0.0336
0.0302
0.0272
0.0219
0.0175
24
0.0329
0.0290
0.0256
0.0225
0.0197
0.0150
0.0113
28
0.0270
0.0233
0.0200
0.0171
0.0146
0.0105
0.0075
32
0.0226
0.0190
0.0159
0.0133
0.0110
0.0075
0.0050
36
0.0192
0.0158
0.0129
0.0104
0.0084
0.0053
0.0033
40
0.0166
0.0133
0.0105
0.0083
0.0065
0.0039
0.0023

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