Pays a nominal interest rate

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Reference no: EM13976132

You must make a payment of $1,619.01 in 10 years. To get the money for this payment, you will make 5 equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 6% with quarterly compounding. How large must each of the 5 payments be? Round your answer to the nearest cent.

Reference no: EM13976132

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