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How much should be deposited at the end of each quarter

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Question - Splish Brothers Inc. wishes to accumulate $1,320,000 by December 31, 2027, to retire bonds outstanding. The company deposits $200,000 on December 31, 2017, which will earn interest at 11% compounded quarterly, to help in the retirement of this debt. In addition, the company wants to know how much should be deposited at the end of each quarter for 10 years to ensure that $1,320,000 is available at the end of 2027.

Reference no: EM132745833

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