Answered: A business must raise $70,000 in 7…

A business must raise $70,000 in 7 years. What should be the size of the owners' quarterly payment to a sinking fund paying 2% compounded quarterly? (Round your answer to the nearest cent.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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A business must raise $70,000 in 7 years. What should be the size of the owners' quarterly payment to a sinking fund paying 2% compounded quarterly? (Round your answer to the nearest cent.)

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