A farmer sets up a sinking fund. He plans to accumulate 1,5 million in the fund by the end of 8 years by making equal quarterly payments into the fund. Calculate the quarterly payments if his first payment is made in three months time and the last payment is made at the end of 8 years. The interest rate on money accumulated in the fund is 12% p.a. compounded quarterly.
Please show all steps as I keep on getting the wrong answer.
Please show all steps as I keep on getting the wrong answer.