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You must make a payment of $1,642.68 in 10 years. To get the money for this...

You must make a payment of $1,642.68 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 12% with quarterly compounding. How large must each of the 5 payments be? Round your answer to the nearest cent.

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Answer #1

Present value of $1,642.68 in 1 Year HFVIFAD 396,4)+1 1 2 | $ 566.78 5.3091 |-1642.68/(1+3%)^36 has to be $ 106.76

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