Deposit each quarter to achieve your goal

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Reference no: EM131448463

Suppose that you have $40,000 in an account that earns eight percent, compounded monthly. You want this $40,000 to grow to $160,000 in fifteen years. However, you plan on making sixty equal quarterly deposits into the account, beginning one quarter from today. What is the minimum amount that you must deposit each quarter to achieve your goal?

Reference no: EM131448463

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