A business sets up a sinking fund so they will have a 46 000 00 to pay for a replacement piece of equipment in 12 years when the

Question

A business sets up a sinking fund so they will have a 46 000 00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap If they make deposits at the end of every 2 months for 12 years in the investment that pays 7 7 compounded every 2 months what size should each payment be The every 2 months payments are Round to 2 decimal places

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