How large must each of the 5 payments be


You must make a payment of $1,607.14 in 10 years. To get the money for this payment, you will make 5 equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 14% with quarterly compounding. How large must each of the 5 payments be?

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Accounting Basics: How large must each of the 5 payments be
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