A company has a $160,000 note due in 3 years. How much should be deposited at the end of each quarter in a sinking fund to pay off the note in 3 years if the interest rate is 11% compounded quarterly?
A company has a $160,000 note due in 3 years. How much should be deposited at the end of each quarter in a sinking fund to pay off the note in 3 years if the interest rate is 11% compounded quarterly?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.18E
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Transcribed Image Text:A company has a $160,000 note due in 3 years. How much should be deposited at the end of each quarter
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