13)

You plan to accumulate $24,000 for a car in 5 years time. To do this, you will make 20 level deposits (quarterly) with the first deposit today. If you earn 7.0% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; dont use $ sign or commas)

a.

$995.17

b.

$3900.35

c.

$1012.59

d.

$2045.79