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What regular deposit will be needed

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Problem 1: You plan to accumulate $16,000 for a car in 3 years' time. To do this, you will make 12 level deposits (quarterly) with the first deposit today. If you earn 8.4% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; don't use $ sign or commas)

Reference no: EM132990750

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