Question

Hot wheels depot needs to accumulate R25 000 in 6 years to purchase new equipment.What sinkinh fund payment would they need to make at the END of every three months, 8% interest compounded quartely?

Answer 1

i = .08/4 = .02
n = 6*4 = 24
Pay = ?

Pay(1.02^24 -1)/.02 = 25000

solve for Pay