Question
A corporation decides to deposit a fixed payment per quarter into an account earning 4% interest per year in order to create a sinking
A corporation decides to deposit a fixed payment per quarter into an account earning 4% interest per year in order to create a sinking fund so they will have $121,000 to replace some machinery in 7 years. How much interest does the account earn in the third quarter of the fourth year?
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
