Question: A business sets up a sinking fund so they will have a $48,000.00 to pay for a replacement piece of equipment in 8 years when

A business sets up a sinking fund so they will have a $48,000.00 to pay for a replacement piece of equipment in 8 years when the current equipment will be sold for scrap. If they make deposits at the end of each quarter for 8 years in the investment that pays 5.4% compounded quarterly, what size should each payment be?

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