Sinking Fund Calculation
You manage an apartment complex that will need a new roof in 5 years. How much do you want to set aside on a monthly basis so by earning 6% interest you will have $30,000 (cost of the roof) in 5 years?
Answer: $429.98 (the amount of $ you have to invest every month to grow to $30,000)
HP-10B
12
Sets period per year
5
6
30000
-
429.98
Negative because it is a cash outlay.
HP-12C
5
6
30000
-
429.98
Negative because it is a cash outlay.
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