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How much the company has to deposit every quarter

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Question - Josh Bakery Sdn Bhd wanted to purchase a bakery machine worth RM150,000 now, however, the company has changed its mind. Instead, the company feels that the value of the bakery machine will decline by 4 percent every year for the next 4 years and only then decided to purchase it.

Josh Bakery has other plans also on how to purchase. In order to finance the purchasing, the company wanted to invest a sum of money every quarter at the beginning of each period at a rate of 12% per annum in a savings account. How much the company has to deposit every quarter for the next four (4) years so that the company has enough money to purchase the bakery machine in the 4th year?

Reference no: EM132987834

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