Question: Page 379 / #20 A company will need to replace a machine at the end of 8 years. They expect the machine to cost about

Page 379 / #20

A company will need to replace a machine at the end of 8 years. They expect the machine to cost about $31,000 and decide to establish a sinking fund to cover the cost. If they can get 12% compounded quarterly, how much must they deposit each quarter to have the money to replace the machine?

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