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A business sets up a sinking fund so they will have a $51,000.00 to pay for a replacement piece of equipment in 10 years when

A business sets up a sinking fund so they will have a $51,000.00 to pay for a replacement piece of
equipment in 10 years when the current equipment will be sold for scrap. If they make deposits at
the end of each quarter for 10 years in the investment that pays 7.3% compounded quarterly, what
size should each payment be?
image text in transcribed
A business sets up a sinking fund so they will have a $51,000.00 to pay for a replacement piece of equipment in 10 years when the current equipment will be sold for scrap. If they make deposits at the end of each quarter for 10 years in the investment that pays 7.3% compounded quarterly, what size should each payment be? P

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