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Calculate the amount of each equal quarterly deposit

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Question - Tony Hippwaist wants to have $506,354 in his savings account in five years. Tony opened his savings account by depositing $20,000. Tony intends to make equal deposits at the end of every three months for the next five years. Tony will earn 12% interest compounded quarterly on all deposits with the bank.

Calculate the amount of each equal quarterly deposit that Tony must make in order to have $506,354 in his account in five years. Do not use decimals in your answer.

Reference no: EM131882519

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