Question: 1 ) The Math department purchased a copy machine for $12000. After 5 years, the machine will be worthless. How much money should the department

1 ) The Math department purchased a copy machine for $12000. After 5 years, the machine will be worthless. How much money should the department deposit at the end of each quarter, if the money is worth 4% compounded quarterly, in order to save enough to buy a new copy machine at the end of 5 years? Assume the copier will cost the same amount.

2 ) What will be the total amount deposited by the department?

3 ) What will be the interest earned?

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