A company estimates that it will need $132,000 in 12 years to replace a computer. If it establishes asinking fund by making fixed monthly payments into an account paying 4.5% compounded monthly,how much should each payment be?The amount of each payment should be $(Round to the nearest cent.)8

To find out how much each monthly payment should be for the company to accumulate $132,000 in 12…

Answered: A company estimates that it will need…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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