Question: Air Canada is setting up a sinking fund to replace aircraft in 20 years. The fund is expected to accumulate $500,000,000 by making equal deposits

Air Canada is setting up a sinking fund to replace aircraft in 20 years. The fund is expected to accumulate $500,000,000 by making equal deposits at the end of every three months earning 7% compounded quarterly. By how much will the sinking fund grow during the 14th year?

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