21. the sinking fund payment for an 8%, 5-year $120,000.00 annuity compounded quarterly is (1 point)
o $29,632.82
o$4.938.80.
o$19,755.22
o $9,877.61

After 3 weeks they will have saved $204. They will have enough money to buy the gift ($518).

Step-by-step explanation:

We have the following data to solve this problem :

Jason and his 3 brothers want to buy a gift for their mother (There are 4 people saving for the gift).

They have $314 saved.

Each of them will save $17 a week

They need at least $515 for the gift.

We want to know the amount of money saved after 3 weeks. To calculate this we need to multiply the number of weeks per the amount of money each person can save every week and per the number of people ⇒

We find out that after 3 weeks Jason and his brothers will save $204.

If we want to know if the amount of money is enough for the gift we need to sum this value to the previous saved money.

$314 + $204 = $518

Therefore after 3 weeks Jason and his brothers will have $518 for the gift.

$518 > $515 ⇒ They will have enough money to buy the gift.