City wide delivery service uses vans costing $24800 each. How much will the company have to invest today to accumulate enough money to buy six new vans at the end of 4 years? City wides bank is currently paying 12% interest compounded quarterly

Answer 1

12% interest????

What year was this question written????

Answer 2

cost of 6 vans at the end of 4 yrs
= 148800

i = .03
n = 4(4) = 16

P(1.03)^16 = 148800

solve for P