How much money will agency have to put into a sinking fund

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Reference no: EM131194897

A waste management agency decides to use some of the tipping fees from a landfill to buy extra land for expanding the landfill. The new land costs $2,000,000, and the existing landfill has an expected life of eight years. How much money will the agency have to put into a sinking fund annually (at 6.125% interest) to have the $2,000,000 available to buy the land?

Reference no: EM131194897

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