Question: The Glendon Contractors, Inc., are saving $2000 at the end of every 3 months in order to purchase a new paving machine in six years.

The Glendon Contractors, Inc., are saving $2000 at the end of every 3 months in order to purchase a new paving machine in six years. Their savings certificates pay 6% p.a. compounded quarterly. How much will be the total interest earned?

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