Question: A company estimates that it will need $102,000 in 9 years to replace a computer. If it establishes a sinking fund by making fixed monthly

A company estimates that it will need $102,000 in 9 years

A company estimates that it will need $102,000 in 9 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 6.3% compounded monthly, how much should each payment be? The amount of each payment should be $ (Round to the nearest cent.)

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