500 per quarter is deposited at the end of each quarter, Financial Management

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500 per quarter is deposited at the end of each quarter

$500 per quarter is deposited at the end of each quarter into a fund earning a nominal rate of 6% convertible quarterly for five years. The moment after the last payment is made, the balance of the fund is used to purchase a perpetuity immediate which pays $Q per quarter based on the same interest rate as the fund. Calculate the payment Q (nearest cent).

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Financial Management: 500 per quarter is deposited at the end of each quarter

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