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3 . Torbet Fish Packing Company wants to accumulate enough money over the next 1 0 years to pay for the expected replacement of its
Torbet Fish Packing Company wants to accumulate enough money over the next years to pay for the expected replacement of its digitalized, automated scaling machine. The new machine is expected to cost $ in years. Torbet currently has $ that it plans to invest over the next years to help pay for the new machine. Torbet wants to put away an equal, endofyear amount into a sinking fund investment account at the end of each of the next years. Earnings on all of the investments are expected to be percent for the first five years and percent thereafter. What equal, endofyear amount must Torbet save each year over the next years to meet these needs? Use Table I and Table III or a financial calculator to answer the question. Round your answer to the nearest dollar.
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