(i) As the chief accountant for Sparkle Industries, you have

(i) As the chief accountant for Sparkle Industries, you have

(i) As the chief accountant for Sparkle Industries, you have estimated that the company must pay $100,000 income tax to the IRS at the end of each quarter this year. How much should be deposited now at 8% interest compounded quarterly to meet this tax obligation?
(ii) John Sebastian is the grand prize winner in a college tuition essay contest sponsored by a local scholarship fund. The winner receives $2,000 at the beginning of each year for the next 4 years. How much should be invested at 7% interest compounded annually to pay the prize?
 

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