You must make a payment of 162901 in 10 years to get the, Ask an Expert

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You must make a payment of $1,629.01 in 10 years. To get the money for this payment, you will make 5 equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 8% with quarterly compounding. How large must each of the 5 payments be? Round your answer to the nearest cent.

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