A firm needs to replace most of its machinery in 5 years at a cost of $550,000.

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A firm needs to replace most of its machinery in 5 years at a cost of $550,000. The company wishes to create a sinking fund to have this money available in 5 years. How much should the monthly deposits be if the fund earns 6% compounded monthly?

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College Algebra With Modeling And Visualization

ISBN: 9780134418049

6th Edition

Authors: Gary Rockswold

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Posted Date: Oct 02, 2023 11:04 AM

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A firm needs to replace most of its machinery in 5 years at a cost of $550,000.

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To calculate the monthly deposits needed to create a sinking fund of 550000 in 5 years wit... View the full answer

College Algebra With Modeling And Visualization

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