The management of Gibraltar Brokerage Services anticipates a capital expenditure of $23,000 in 4 years for...
The management of Gibraltar Brokerage Services anticipates a
capital expenditure of $23,000 in 4 years for the purchase of new
computers and has decided to set up a sinking fund to finance this
purchase. If the fund earns interest at the rate of 2%/year
compounded quarterly, determine the size of each (equal) quarterly
installment that should be deposited in the fund. (Round your
answer to the nearest cent.)
$
Homework Answers
Calculating quarterly deposit,
Using TVM Calculation,
PMT = [PV = 0, FV = 23,000, I = 0.02/4 N = 16]
PMT = $1,384.36
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