A company wishes to accumulate a sum of $1 000 000 in ten years time in order to pay for machinery repairs. Quarterly payments (in advance) will be made over the ten years, commencing immediately. The company has secured a return on its investment for the first five years of j₂ =2% p.a. and for the second five years of j₂ =3% p.a. What amount does the company have to pay each quarter?

Include a fully labelled cash flow diagram (drawn from the company's perspective), chosen valuation date and an equation of value.