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A company estimates that it will need $101,000 in 7 years to replace a computer. If it establishes a sinking fund by making fixed monthly
A company estimates that it will need $101,000 in 7 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 5.1% compoundedmonthly, how much should each paymentbe?
The amount of each payment should be $____
.
(Round to the nearestcent.)
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