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

تمرين 15

Everest Industries established a sinking fund to pay off a $10,000,000 loan that comes due in 8 years for a corporate yacht.
a. What equal payments must be deposited into the fund every 3 months at 6% interest compounded quarterly for Everest to meet this financial obligation
b. What is the total amount of interest earned in this sinking fund account