A business needs $450,000 in five years. How much should be deposited each quarter in a sinking fund that earns 9% compounded quarterly to have this amount in five years

icon
Related questions
Question
Please do not give image format and not chatgpt answer
A business needs $450,000 in five years.
How much should be deposited each
quarter in a sinking fund that earns 9%
compounded quarterly to have this
amount in five years
Transcribed Image Text:A business needs $450,000 in five years. How much should be deposited each quarter in a sinking fund that earns 9% compounded quarterly to have this amount in five years
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.