Question

The math department purchased a copy machine for $ 12000. after 4 4 years, the machine will be worthless. how much money should the department deposit at the end of each quarter, if the money is worth 7% compounded quarterly, in order to save enough to buy a new copy machine at the end of 4 years?

Answer 1

7/100x12000=840+12000=12840 at the end of 4years