Question 4 After you moved into the home you know you must replace the HAVC syst

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Question 4 After you moved into the home you know you must replace the HAVC system. You want to create a sinking fund for is purchase. HAVC Cost: 14397 Interest Rate: 6.1% Compounded: 7 Years: 6 Payment Amount: ______ Question 4 After you moved into the home you know you must replace the HAVC system. You want to create a sinking fund for is purchase. HAVC Cost: 14397 Interest Rate: 6.1% Compounded: 7 Years: 6 Payment Amount: ______ Question 4 After you moved into the home you know you must replace the HAVC system. You want to create a sinking fund for is purchase. HAVC Cost: 14397 Interest Rate: 6.1% Compounded: 7 Years: 6 Payment Amount: ______

Explanation / Answer

using compound interest formula

Amount= P(1+r/n)^nt

here Amount=14397

r=0.061

n=7 t= 6

14397= P (1+0.061/7)^42

14397=P*1.43967

P=10000

Thus payment Amount = 10 000

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Question 4 After you moved into the home you know you must replace the HAVC syst

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