18. AIRPORT IMPROVEMENTS A city near Chicago sold $9,000,000 in bonds to pay improvements to an airport. It sets up a sinking fund with end-of-the-quarter payments in an account earning 8% compounded...

Extracted text: 18. AIRPORT IMPROVEMENTS A city near Chicago sold $9,000,000 in bonds to pay improvements to an airport. It sets up a sinking fund with end-of-the-quarter payments in an account earning 8% compounded quarterly. Find the amount that should be deposited in this fund each quarter if the city wishes to pay off the bonds in (a) 7 years and (b) 12 years. for