On December 31, 2015, Beach Inc. determined that a sinking fund would be necessary to retire a bond.

On December 31, 2015, Beach Inc. determined that a sinking fund would be necessary to retire a bond.
  On December 31, 2015, Beach Inc. determined that a sinking fund would be necessary to retire a bond with a $1,500,000 face value maturing on December 31, 2021. The coupon rate for the bond is 6% per annum. Beach Inc. contributed an initial $500,000 to the sinking fund on January 1, 2016. Beach Inc. also plans to contribute an amount on an annual basis (equal contributions starting on December 31, 2016 and ending on December 31, 2021). Beach Inc.’s sinking fund contributions earn 8% per annum. Future value factors are as follows:   How much does Beach Inc. need to contribute on an annual basis to have the funds sufficient to retire the face value of the bond (i.e., $1,500,000) on December 31, 2021? ____________________ May 16 2022 03:13 PM

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