A corporation creates a sinking fund in order to have $870,000 to replace some machinery in 9 years. How much should be placed in this account at the end of each quarter if the annual interest rate is 8.7% compounded quarterly? (Round your answers to the nearest cent.)
$
How much interest would they earn over the life of the account?
$
Determine the value of the fund after 2, 4, and 6 years.
2 years $ 4 years $ 6 years $