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A local Dunkin' Donuts franchise must buy a new piece of equipment in 5 years that will cost $88,000. The company is setting up a sinking fund to finance the purchase. What will the quarterly deposit be if the fund earns 8% interest? (Use Table 13.3.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Quarterly deposit $ 3,621.79

A local Dunkin' Donuts franchise must buy a new piece of equipment in 5 years that will cost $88,000. The company is setting up a sinking fund to finance the purchase. What will the quarterly deposit be if the fund earns 8% interest? (Use Table 13.3.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Quarterly deposit $ 3,621.79

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 19E: Present Values Krista Kellman has an opportunity to purchase a government security that will pay...
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C Problems i Saved A local Dunkin' Donuts franchise must buy a new piece of equipment in 5 years that will cost $88,000. The company is setting up a sinking fund to finance the purchase. What will the quarterly deposit be if the fund earns 8% interest? (Use Table 13.3.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Quarterly deposit $ 3,621.79 H
Transcribed Image Text:C Problems i Saved A local Dunkin' Donuts franchise must buy a new piece of equipment in 5 years that will cost $88,000. The company is setting up a sinking fund to finance the purchase. What will the quarterly deposit be if the fund earns 8% interest? (Use Table 13.3.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Quarterly deposit $ 3,621.79 H
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