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.