Prime Real Estate plans to raise $900,000 over a 4 -year period so they can purchase a piece of heavy equipment. In order to obtain this amount, the company has decided to make quarterly investments into a sinking fund that will earn 8% per year compounded quarterly for the next 4 years. Using the sinking fund table, calculate the amount of each quarterly sinking fund payment required to raise $900,000 in 4 years.
Prime Real Estate plans to raise $900,000 over a 4-year period so they can purchase a piece of heavy equipment. In order to obtain this amount, the company has decided to make quarterly investments into a sinking fund that will earn 8% per year compounded quarterly for the next 4 years.Using the sinking fund table, calculate the amount of each quarterly sinking fund payment required to raise $900,000 in 4 years.