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How much must you deposit at the end of each quarter in an account that pays a nominal interest rate of 20 percent, compounded quarterly, if at the end of five years you want $10,000 in the account?

(Hint: In working with the compound interest tables when solving this problem, you need to adjust the interest rate and the number of compounding periods to reflect quarterly, rather than annual, compounding.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92092496

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