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April 16, 2014

Homework Help: Math

Posted by Salvany on Monday, February 7, 2011 at 9:03pm.

The management of Gibraltar Brokerage Services anticipates a capital expenditure of $27,000 in 3 yr for the purpose of purchasing new computers and has decided to set up a sinking fund to finance this purchase. If the fund earns interest at the rate of 9%/year compounded quarterly, determine the size of each (equal) quarterly installment that should be deposited in the fund.

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