Solved: Difference between an annuity and a sinking fund, Accounting Basics

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Difference between an annuity and a sinking fund

Problem:

What is the difference between an annuity and a sinking fund? If you were to set up an annuity today to purchase something in 7 years what would it be for? If you were getting 6% compounded annually what would your payments need to be to reach your goal? What type of payments would you want to make (monthly, quarterly, yearly, etc) and why?

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Accounting Basics: Difference between an annuity and a sinking fund

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