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Your company wants to set aside a fixed amount every quarter to a sinking fund to replace a piece of industrial equipment costing $250,000 at
Your company wants to set aside a fixed amount every quarter to a sinking fund to replace a piece of industrial equipment costing $250,000 at the end of five years from now. The sinking fund is expected to earn 5% interest compounded monthly. How much must your company deposit each quarter to meet this goal? (15 points)
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