Determine the value of the fund

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Reference no: EM131927759

A corporation creates a sinking fund in order to have $490,000 to replace some machinery in 8 years. How much should be placed in this account at the end of each month if the annual interest rate is 8.4% compounded monthly? (Round your answers to the nearest cent.) $

How much interest would they earn over the life of the account? $

Determine the value of the fund after 2, 4, and 6 years.

Reference no: EM131927759

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