Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

تمرين 18

The town of Bay Harbor is planning to buy five new hybrid police cars in 4 years. The cars are expected to cost $38,500 each.
a. What equal quarterly payments must the city deposit into a sinking fund at 3.5% interest compounded quarterly to achieve its goal
b. What is the total amount of interest earned in the account