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

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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