3. A Local Firm Is Establishing A Sinking Fund For The Purpose Of Accumulating A Sufficient Capital

3. A local firm is establishing a sinking fund for the purpose of accumulating a sufficient capital to retire its outstanding bonds at maturity. The bonds are redeemable in 10 years and their maturity value is P 150,000. How much should be deposited each year if the fund pay interest rate of 3%.

 

Answer:

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