Problem
Your company must make a $500,000 balloon payment on a lease 2 years and 9 months from today. You have been directed to deposit an amount of money quarterly, beginning today, to provide for the $500,000 payment. The account pays 4% per year, compounded quarterly. What is the required quarterly deposit? Note: Lease payments are due at the beginning of the quarter.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.