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Alexander wants to save a single cash amount of $3,000,000 fifteen years from today. To save this $3,000,000 he will make 17 equal, quarterly deposits,
Alexander wants to save a single cash amount of $3,000,000 fifteen years from today. To save this $3,000,000 he will make 17 equal, quarterly deposits, beginning today and over the next 4 years, in a bank that pays a nominal annual interest rate of 6% with quarterly How large must each of the 17 quarterly payments be so that the 17 quarterly payments along with accumulated interest will be just enough to save the $3,000,000 fifteen years from today? Interest will be earned on all invested funds up until year 15.
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