A sinking fund is established by a working couple so that they will have $60,000 to pay

Question:

A sinking fund is established by a working couple so that they will have $60,000 to pay for part of their daughter's education when she enters college. If they make deposits at the end of each 3-month period for 10 years, and if interest is paid at 12%, compounded quarterly, what size deposits must they make?
(a) State whether the problem relates to an ordinary or an due, and then
(b) Solve the problem.
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...