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Kirk, Klein & Co. requires $104,000 fifteen years from now to retire a debt. A sinking...

Kirk, Klein & Co. requires $104,000 fifteen years from now to retire a debt. A sinking fund is established into which equal payments are made at the end of every 3 months. Interest is 10 % compounded quarterly.

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

(b) What is the balance in the sinking fund after two years?

(c) How much interest will be earned by the fund in the 20th payment interval?

(d) By how much will the fund increase during the 24th payment interval?

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