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A company estimates that it will need $116,000 in 9 years to replace a computer. If it establishes a sinking fund by making fixed monthly

image text in transcribed A company estimates that it will need $116,000 in 9 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 3.9% compounded monthly, how much should each payment be? The amount of each payment should be $ (Round to the nearest cent.)

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