15)

Jill is wishing to accumulate $10,000 for a renovation in 3 years time. To do this, she will make 12 deposits (quarterly) with the first deposit today. If she can earn 12.3% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; dont use $ sign or commas)

a.

$2631.32

b.

$1428.22

c.

$701.62

d.

$680.69