A business sets up a sinking fund so they will have a $46,000.00 to pay for a replacement piece of equipment in 7 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 7 years in the investment that pays 5.5% compounded monthly, what size should each payment be? The monthly payments are $. (Round to 2 decimal places.)

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Real Estate

Real estate means ownership of land along with the assets and natural resources that exist on the land. These properties are in real/physical form which is tangible. Real estate simply means land or addition made to land permanently like constructing a residence or different buildings. People invest in real estate to either reside or for wealth creation. Many people investing in real estate further lend the place for occupation or businesses in return for a monthly payment.