The Perez family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 4.2% interest, compounded quarterly. Payments will be made at the end of each quarter.
How much money do they need to pay into the annuity each quarter for the annuity to have a total value of $13,000 after 10 years?
Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.