A business sets up a sinking fund so they will have a $66,000.00 to pay for a replacement piece of equipment in 11 years when the current equipment will be sold for scrap. They make deposits at the end of each quarter for 11 years in the investment that pays 5.2% compounded quarterly. How much should they deposit each time to have $66,000.00 in 11 years? The quarterly deposits are $. (Round to 2 decimal places.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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A business sets up a sinking fund so they will have a $66,000.00 to pay for a replacement piece of equipment in 11 years when the current equipment will be sold for scrap. They make deposits at the end of each quarter for 11 years in the investment that pays 5.2% compounded quarterly.

How much should they deposit each time to have $66,000.00 in 11 years?

The quarterly deposits are $. (Round to 2 decimal places.)

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