b$.$ Cross Ltd has bought an asset with a life span of $4$ years. At the end of the $4$ years, replacement of the asset will cost GH$12,000.$ In this direction, the company has decided to provide for the future commitment by setting up a sinking fund account into which equal annual investment will be made at the end of each year. Interest rate on the investment will be $12\%$ per annum.

Required:

i$.$ Calculate the annual instalments

ii$.$ Draw up the sinking fund schedule to show the growth fund

iii. Assuming the first payments will be made now and $12$ months thereafter, what are the annual payments?

iv$.$ Draw up the sinking fund schedule under $($c$)$