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A local Dunkin Donuts franchise must buy a new piece ofequipment in 5 years that will cost $88,000. The company is settingup a sinking fund

A local Dunkin’ Donuts franchise must buy a new piece ofequipment in 5 years that will cost $88,000. The company is settingup a sinking fund to finance the purchase. What will the quarterlydeposit be if the fund earns 8% interest? (Do notround intermediate calculations. Round youranswer to the nearest cent.)

Quarterlydeposit

$

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