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15 semiannual payments are made into a sinking fund at 7% compounded semiannually so that $4850 will be present. Find the amount of each payment rounded to the nearest cent

15 semiannual payments are made into a sinking fund at 7% compounded semiannually so that $4850 will be present. Find the amount of each payment rounded to the nearest cent Correct Answer 251.35

R=S[i/(1+i)^n-1]

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Assertion (A): Sinking fund is a charge against profit and loss account.
Reason (R): Sinking fund is created for repayment of a long-term liability.
Which of the following statements is correct?
Assertion (A) Sinking fund is a charge against profit and loss account.
Reason (R) Sinking fund is created for repayment of a long-term liability.
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