How much must l deposit if interest rate is seven percent

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Reference no: EM131959282

Problem

I am planning to retire in 20 years. I wishes to deposit a regular amount every three in months until I retire, so that, beginning one year following my retirement, l will receive annual payments of $77,000 for the next 18 years. How much must l deposit if the interest rate is 7% compounded quarterly?

Reference no: EM131959282

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