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Time value of money problem

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Time value of money Problem:

Ten years from today, Kristine Angeli De Mesa must make a payment of P1,500. To prepare for this payment, Kristine will make 5 equal deposits beginning today and for the next 4 quarters in a bank that pays a nominal interest rate of 12% quarterly compounding. How large must each of the 5 payments be?

Reference no: EM132406698

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