Question: A business sets up a sinking fund so they will have a $ 6 3 , 0 0 0 . 0 0 to pay for

A business sets up a sinking fund so they will have a $63,000.00 to pay for a replacement piece of equipment in 10 years when the current equipment will be sold for scrap. They make deposits at the end of each month for 10 years in the investment that pays 7.4% compounded monthly.
How much should they deposit each time to have $63,000.00 in 10 years?

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