If the interest rate for the sinking fund is 8 compounded, Mechanical Engineering

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If the interest rate for the sinking fund is 8 compounded

To pay off $50,000,000 worth of new construction bonds when they come due in 20 years, a water municipality must deposit money into a sinking fund. Payments to the fund will be made quarterly, starting three months from now. If the interest rate for the sinking fund is 8% compounded quarterly, how much will each deposit be?

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Mechanical Engineering: If the interest rate for the sinking fund is 8 compounded

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