In light of the aforementioned circumstance, the account's balance (rounded to the closest dollar) following the tenth deposit is "$56,650."
The phrase "sinking fund" refers to the money set aside by individuals over a defined time period to save for a specific purpose, such as a future capital expense or the repayment of long-term debt. A sinking fund is a clever approach to save money by allocating a small sum each month toward a particular purchase. Sinking funds operate as follows: You'll put money down in one or more categories each month to be utilized later.
Herein shows the way to "$56,650."
[tex]S = N [ (1+r)^n - 1 ] /rwhere r = 0.030n = 10 yearsN = 5,000S = 5,000 [ (1.030)^10 -1 ]/.030= 5,000 [ 1.34 -1 ]/.030= 5,000 [ 11.33]= $56,650.[/tex]
Accordingly, it can be said that "$56,650" is the right response in this case.
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