Question
A firm needs to replace most of its machinery in 7 years at a cost of $450,000. The company wishes to create a sinking fund
A firm needs to replace most of its machinery in 7 years at a cost of $450,000. The company wishes to create a sinking fund to have this money available in 7 years. How much should the monthly deposits be if the fund earns 5% compounded monthly?
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Financial Management for Public Health and Not for Profit Organizations
Authors: Steven A. Finkler, Thad Calabrese
4th edition
133060411, 132805669, 9780133060416, 978-0132805667
