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(b) A sum of $120,000 is to be paid out as a prize in instalments. This sum is invested in an account paying an interest

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(b) A sum of $120,000 is to be paid out as a prize in instalments. This sum is invested in an account paying an interest rate 4% p.a. compounded quarterly. It is to be paid out in 20 equal quarterly payments commencing one year from now. How much will the quarterly payments be

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