The management of Gibraltar Brokerage Services anticipates a capital expenditure of $18,000 in 3 years' time for the purpose of purchasing new fax machines and has decided to set up a sinking fund to finance this purchase. If the fund earns interest at the rate of 12 %/year compounded quarterly, determine the size of each (equal) quarterly installment that should be deposited in the fund. Please round the answer to the nearest cent.
$__________

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The Answer of The management of Gibraltar Brokerage Services anticipates a capital expenditure of $18,000 in 3 years' time for the purpose of purchasing new fax machines and has decided to set up a sinking fund to finance this purchase. If the fund earns interest at the rate of 12 %/year compounded quarterly, determine the size of each (equal) quarterly installment that should be deposited in the fund. Please round the answer to the nearest cent.
$__________

The Management of Gibraltar Brokerage Services Anticipates a Capital Expenditure