A company is planning to make equal quarterly deposits into a bank account. They want their account to have 1 million dollars after 5 years from now because they want to buy a certain machine. Note that the first quarterly deposit is made today and the last deposit is made at the end of year 5. That bank follows the no interperiod compounding convention. A) If the banks interest rate is 12% per year compounded monthly, how much should the company deposit each quarter? B) If the banks interest rate is still 12% per year but compounded semi-annually, how much should the company deposit each quarter?

A company is planning to make equal quarterly deposits into a bank account. They want their account to have 1 million dollars after 5 years from now because they want to buy a certain machine. Note that the first quarterly deposit is made today and the last deposit is made at the end of year 5. That bank follows the no interperiod compounding convention. A) If the bank's interest rate is 12% per year compounded monthly, how much should the company deposit each quarter? B) If the bank's interest rate is still 12% per year but compounded semi-annually, how much should the company deposit each quarter