3. The optical products division is planning a $5 million building expansion for manufacturing its digital zoom camera. If the company uses an interest rate of 6% per year, compounded semiannually for all new investments, what is the uniform amount per quarter the company must make in order to recover its

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3. The optical products division is planning a $5 million
building expansion for manufacturing its digital zoom
camera. If the company uses an interest rate of 6% per
year, compounded semiannually for all new
investments, what is the uniform amount per quarter
the company must make in order to recover its
investment in 5 years?
Transcribed Image Text:3. The optical products division is planning a $5 million building expansion for manufacturing its digital zoom camera. If the company uses an interest rate of 6% per year, compounded semiannually for all new investments, what is the uniform amount per quarter the company must make in order to recover its investment in 5 years?
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