Water municipality must deposit money into sinking fund

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Reference no: EM131239740

To pay off ?$60,000,000 worth of new construction bonds when they come due in 19 ?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?

The deposit amount will be ?$ ______ per quarter.

Reference no: EM131239740

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