A company estimates that it will need $114,000 in 11 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 3.6% compounded monthly, how much should each payment be? The amount of each payment should be (Round to the nearest cent.)
A company estimates that it will need $114,000 in 11 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 3.6% compounded monthly, how much should each payment be? The amount of each payment should be (Round to the nearest cent.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 16P
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