How much must you deposit at the end of each quarter

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Reference no: EM131338909

How much must you deposit at the end of each quarter in an account that pays a nominal interest rate of 20 percent, compounded quarterly, if at the end of five years you want $10,000 in the account?

(Hint: In working with the compound interest tables when solving this problem, you need to adjust the interest rate and the number of compounding periods to reflect quarterly, rather than annual, compounding.)

Reference no: EM131338909

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