A company decides to establish a sinking fund to replace a piece of equipment in 6 years

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A company decides to establish a sinking fund to replace a piece of equipment in 6 years at an estimated cost of $50,000. To accomplish this, they decide to make fixed monthly payments into an account that pays 6.12% compounded monthly. How much should each payment be?

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College Mathematics For Business Economics, Life Sciences, And Social Sciences

ISBN: 978-0134674148

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

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