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Morris Inc. would like to purchase some new equipment costing $1,560,000. This purchase is scheduled for 3 years from today. The company earns 3.8 percent

Morris Inc. would like to purchase some new equipment costing $1,560,000. This purchase is scheduled for 3 years from today. The company earns 3.8 percent APR compounded monthly on its savings account. To accumulate enough money for the purchase starting today the company will make equal monthly deposits to the savings account. Deposits will be made at the beginning of each monthly period. Calculate companys monthly deposit.

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