An engineering company expects to expand its plant facilities in 55 years at an estimated cost of $58,000.

To provide for the expansion, a sinking fund has been established into which equal payments are made at the

end of every 3 months. Interest is 9 % compounded quarterly.

(a) What is the size of the quarterly payment?

(b) How much of the maturity value will be payments?

(c) How much interest will the fund contain?