Her account at start of every quarter to achieve her goal

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Reference no: EM131947842

Mary would like to retire in 30 years with at least $2.3 million in her account. However, she is seeking an overdraft of $120,000 to buy furniture for her new house today. A bank is ready to give her the overdraft and charges an interest rate of 6% per year. What deposit will she have to make into her account at the start of every quarter to achieve her goal?

Reference no: EM131947842

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