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The parents of a girl are planning to finance her college education. They want to make 48 quarterly deposits (equal amounts) in an account, which pays interest at 9% compounded monthly. They want their daughter to withdraw $25,000 at the end of each year for four years ( a total of four withdrawals: amount of each withdrawal is $25,000); the first to be made one year after the last quarterly (48th) deposit. The account is depleted after the daughter makes the last (fourth) withdrawal. What is the size of each quarterly deposit?

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Financial Management, Finance

Category:- Financial Management
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