Question: Jeffrey opened a sinking fund to replace this trike after 10 years. How much must you deposit monthly into the sinking fund to replace this

Jeffrey opened a sinking fund to replace this trike after 10 years. How much must you deposit monthly into the sinking fund to replace this trike at the end of year 10 if the sinking fund grows at 8.75% p.a. compounded monthly? Assume that the old trike will be used as a trade-in based on its book value. Assume that the straight-line depreciation method will be applicable. The cost is $ 383 000

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