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A small foundry agrees to pay $420,000 three years from now to a supplier for a given amount of coking coal. The foundry plans to
A small foundry agrees to pay $420,000 three years from now to a supplier for a given amount of coking coal. The foundry plans to deposit a fixed amount in a bank account every three months, starting three months from now, so that at the end of three years the account holds $420,000. If the account pays 7.5% APR compounded monthly, how much must be deposited every three months?
Group of answer choices
$17,046.00
$23,671.72
$13,319.33
$31,514.99
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