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A business sets up a sinking fund so they will have a $69,000.00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 12 years in the investment that pays 7.3% compounded monthly, what size should each payment be? The monthly payments are $ (Round to 2 decimal places.)

A business sets up a sinking fund so they will have a $69,000.00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 12 years in the investment that pays 7.3% compounded monthly, what size should each payment be? The monthly payments are $ (Round to 2 decimal places.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A business sets up a sinking fund so they will have a $69,000.00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 12 years in the investment that pays 7.3% compounded monthly, what size should each payment be? The monthly payments are $ (Round to 2 decimal places.)
Transcribed Image Text:A business sets up a sinking fund so they will have a $69,000.00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 12 years in the investment that pays 7.3% compounded monthly, what size should each payment be? The monthly payments are $ (Round to 2 decimal places.)
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