(a) suppose a firm has a policy of depositing a uniform amount (3500) of its excess funds in a bank account at the end of every quarter, determine the worth of these deposits over a period of 10 years at an interest rate of 9% compounded:
(i) Semi-annually
(ii) Quarterly
(iii) Monthly
(b) A firm is considering the purchase of a machine with a price tag of $ 18,500. The firm is able to make a down payment of 3,500 and the balance is to be financed with a bank credit at an interest rate of 9.25% compounded daily. If the loan is to be repaid in 48 monthly equal installments. Compute the monthly payment.