Brooks Warner
03/27/2023 · Junior High School
A company estimates that it will need \( \$ 164,000 \) in 6 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying \( 3.9 \% \) compounded monthly, how much should each payment be? The amount of each payment should be \( \$ \). (Round to the nearest cent)
Upstudy ThothAI Solution
Tutor-Verified Answer
Quick Answer
The monthly payment should be approximately \$1880.36.
Step-by-step Solution
Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text
Enter your question here…
By image
Re-Upload
Submit