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DiKsa [7]
3 years ago
10

The Math department purchased a copy machine for $ 12000. After 5 years, the machine will be worthless. How much money should th

e department deposit at the end of each quarter, if the money is worth 8% compounded quarterly, in order to save enough to buy a new copy machine at the end of 5 years?
Business
1 answer:
Vladimir79 [104]3 years ago
3 0

Answer:

money that department deposit is $402.98

Explanation:

given data

amount = $12000

time = 5 year

rate = 8%  compounded quarterly

to find out

How much money should the department deposit at the end of each quarter

solution

we will use here equation that is

amount = principal × \frac{(1+r)^t - 1}{r}    ................1

here r is rate that is \frac{8}{4} = 4% = 0.04 and t is time i.e 5 × 4 = 20

so put all these value in equation 1 we get

12000 = principal × \frac{(1+0.04)^{20} - 1}{0.04}

principal = 402.98

so money that department deposit is $402.98

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