A corporation creates a sinking fund in order to have $970,000 to replace some machinery in 10 years. How much should be placed in this account at the end of each quarter if the annual interest rate is 3.9% 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

How much interest was earned during the third quarter of the 4th year?