Jackson & Parnell have a hot new product that is generating a tremendous amount of profit. The management team is working on a long-term strategic plan. They would like to deposit a portion of the profits to build up cash reserves for future projects.
The company has made a commitment to deposit $54251 at the end of each quarter, decreasing the amount by $746 with each subsequent deposit, into an account paying a nominal annual interest rate of 2% compounded quarterly. The company would like to make the deposits for 6 years.
How much will the company have in the account after the last deposit?
Note: The first deposit is made at the end of the first quarter
Enter your answer as follows: 12345
Round your answer. Do not use a dollar sign ("$"), any commas (",") or a decimal point (".")