Hello, my name is Bob Hanks, and I am working on my second bachelor's degree in aviation management. I have an URGENT sinking fund problem that will probably be easy to solve for most of the Forum members, but I have not worked with sinking funds in the past.
Here is the problem, in the context of an airport financing its activities:
A sinking fund that earns 10% was established to retire bonds with a total face amount of $2 million in 10 years. How much must the equal end of year payments into the fund be?