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An engineering company expects to expand its plant facilities in 5 years at an estimated cost of $57,000. To provide for the expansion, a sinking
An engineering company expects to expand its plant facilities in 5 years at an estimated cost of $57,000. To provide for the expansion, a sinking fund has been established into which equal payments are made at the beginning of every 3 months. Interest is 6% compounded quarterly. (a) What is the size of the quarterly payment? (b) How much of the maturity value will be payments? (c) How much interest will the fund contain
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