How much must he deposit if the interest rate is compound

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Reference no: EM13148575

A man is planning to retire in 25 years. He wishes to deposit a regular amount every three months until he retires so that, beginning one year following his retirement, he will receive annual payments of $53,000 for the next 10 years. How much must he deposit if the interest rate is 8% compounded quarterly?

Reference no: EM13148575

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