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How much money do they need to pay into the annuity

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The Perez family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 4.2% interest, compounded quarterly. Payments will be made at the end of each quarter.

How much money do they need to pay into the annuity each quarter for the annuity to have a total value of $13,000 after 10 years?

Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.

Reference no: EM132013257

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