Choi Home Repair needs to accumulate $22,000 in 6 years to purchase new equipment. What sinking fund payment (in $) would they need to make at the end of each three months, at 4% interest compounded quarterly? Use Table 12-1. (Round your answer to the nearest cent.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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Choi Home Repair needs to accumulate $22,000 in 6 years to purchase new
equipment. What sinking fund payment (in $) would they need to make at
the end of each three months, at 4% interest compounded quarterly? Use
Table 12-1. (Round your answer to the nearest cent.)
$
Transcribed Image Text:Choi Home Repair needs to accumulate $22,000 in 6 years to purchase new equipment. What sinking fund payment (in $) would they need to make at the end of each three months, at 4% interest compounded quarterly? Use Table 12-1. (Round your answer to the nearest cent.) $
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