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8. Sean's lawn service needs $4,800.00 today and borrow the money from Bill's bank. Bill's bank requires interest payments paid at the end of each
8. Sean's lawn service needs $4,800.00 today and borrow the money from Bill's bank. Bill's bank requires interest payments paid at the end of each quarter for five years according to a 5.5% simple interest rate as well as the full $4,800.00 at the end of five years. To reach the $4,800.00 obligation after 5 years, Sean's lawn service sets up a sinking fund earning 5.5% quarterly. Find the total quarterly obligation for Sean's lawn service. 9. You make a deposit today into an account carning 8% annually today with the hopes of making a $1000 withdrawal at the end of each year indefinitely. Find the amount you need to deposit today in oder to make this annual withdrawal if the first is made exactly one year from today
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