Purchase some new equipment costing

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Morris Industries would like to purchase some new equipment costing $1.56 million. This purchase is scheduled for 3 years from today. The company earns 3.8% compounded monthly on its savings. How much does the company need to save monthly, starting today, if it wants to pay cash to buy this equipment? 1. $40,849 2. $45,456 3. $48,244 4. $51,008

Reference no: EM131072146

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