A corporation creates a sinking fund in order to have$870,000to replace some machinery in9years. How much should be placed in this account at the end of eachquarterif the annual interest rate is8.7%compoundedquarterly? (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$6 years$