How much needs to be allocated into account each quarter

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Reference no: EM131591451

Scott Schneider, CEO of Carolina, Inc., needs your help to better understand and solve some of the financial issues and tasks that Carolina is currently dealing with. SHOW ALL CALCULATION STEPS: CFO of Carolina suggested setting a reserves account of $12,000,000 to replace some of its aging machinery in 3.5 years from today. Company plans to set aside into reserves quarterly (at the end of each quarter) and it can earn 8% APR on the balance. How much needs to be allocated into this account each quarter?

Reference no: EM131591451

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