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September 20, 2014

Homework Help: math

Posted by Victoria on Monday, December 9, 2013 at 7:02pm.

The management of Gibraltar Brokerage Services anticipates a capital expenditure of $23,000 in 4 years 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 11%/year compounded quarterly, determine the size of each (equal) quarterly installment that should be deposited in the fund.

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