i ON ONLY 1

You want to have $5000 by the time you finish college in 3 years. How much money should you deposit each quarter for the next 3 years into an account paying 8% per year compounded quarterly so that you can have $5000 when you finish college?

a)$368.80

b)$372.80

c)$370.80

d)$369.80

e)$371.80

f)None of the above.

The manager of a manufacturing company knows that they will need a new machine in one of their factories. The new machine will cost them $12,500. The manager has determined that they can afford to pay 15% of the cost of the machine in cash. They can then finance the rest through a credit union. The credit union will charge 2% per year compounded monthly. How much are their monthly payments for 3 years?

a) $286.62

b) $337.20

c) $433.32

d) $358.03

e) $304.33

f) None of the above.