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A couple wants to enroll a master yoga class 14 years later, after they earn their retirement. Their plan is to make deposits to a
A couple wants to enroll a master yoga class 14 years later, after they earn their retirement. Their plan is to make deposits to a bank every quarter for 13 years with 8% compounded monthly. First withdrawal of the money to be spent for the yoga class will be at 14th year and the payment will be made for the next 4 years until 18th year. Master yoga class expenses are estimated to be $3000 yearly in todays dollars. Find the amount of quarterly deposits in actual dollars. Currently, the inflation rate is estimated as 10% yearly.
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