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Find the size of quarterly payments

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A company wants to accumulate 8.000 TL at the end of 5 years. It starts quarterly payments in a bank account which pays J4=9%.

a) Find the size of quarterly payments.

b) After 3 years, bank decreases the rate to j4= 7%.  Find the size of quarterly payments for last 2 years required to meet the 8.000 TL goal?
(not excel solution please)

Reference no: EM132524963

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