A company decides to establish a sinking fund to replace a piece of equipment in 6 years
Question:
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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
Question Posted: