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A business sets up a sinking fund so they will have a $55,000.00 to pay...

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Accounting

A business sets up a sinking fund so they will have a $55,000.00 to pay for a replacement piece of equipment in 9 years when the current equipment will be sold for scrap. If they make deposits at the end of each quarter for 9 years in the investment that pays 7.4% compounded quarterly, what size should each payment be?

The quarterly payments are $ . (Round to 2 decimal places.)

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