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A Firm needs to replace most of its machinery in five years at a cost...

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Accounting

A Firm needs to replace most of its machinery in five years at a cost of $500,000. The company wishes to create a sinking fund to have this money available in five years. How much should the quarterly deposits be if the fund earns 8%? Use MS-Excel to illustrate the accumulation of funds over the five year period. Please show all the work and identify the formula used

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