Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Elaine is the CEO of Vandelay Industries and wants to create a sinking fund to make a purchase of new technology in three years. She anticipates this capital expense will be $20,000. If the sinking fund earns at an annual rate of 5% compunded quarterly, determine the quarterly installment that should be deposited into the fund.
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