Question: A business sets up a sinking fund so they will have a $56,000.00 to pay for a replacement piece of equipment in 8 years

A business sets up a sinking fund so they will have a

A business sets up a sinking fund so they will have a $56,000.00 to pay for a replacement piece of equipment in 8 years when the current equipment will be sold for scrap. They make deposits at the end of each quarter for 8 years in the investment that pays 6.7% compounded quarterly. How much should they deposit each time to have $56,000.00 in 8 years? The quarterly deposits are $ Submit Question (Round to 2 decimal places.)

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