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A savings plan requires you to make your first deposit immediately. You will make regular quarterly deposits for the next 20 years. Your savings goal

A savings plan requires you to make your first deposit immediately. You will make regular quarterly deposits for the next 20 years. Your savings goal for retirement is $500,000 (at the end of the 20 years). The effective annual rate is 12%.

Calculate the effective quarterly interest rate.

Calculate the size of the required quarterly deposit.

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