The owner of a ski resort estimates that a new 4-person ski lift will cost $4,000,000. The owner begins making payments on March 1 and every three months thereafter for 5 years into an account that earns 5% annual interest compounded quarterly. What payment amount must the owner make to have the cost of the ski lift in 5 years? (Round your answer to the nearest cent.)
The owner of a ski resort estimates that a new 4-person ski lift will cost $4,000,000. The owner begins making payments on March 1 and every three months thereafter for 5 years into an account that earns 5% annual interest compounded quarterly. What payment amount must the owner make to have the cost of the ski lift in 5 years? (Round your answer to the nearest cent.)
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 19P
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The owner of a ski resort estimates that a new 4-person ski lift will cost $4,000,000. The owner begins making payments on March 1 and every three months thereafter for 5 years into an account that earns 5% annual interest compounded quarterly. What payment amount must the owner make to have the cost of the ski lift in 5 years? (Round your answer to the nearest cent.)
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