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Cassandra wants to accumulate $40,000 in a fund with payments of $1,500 made at the end of every quarter. The interest rate is 6.87% compounded

Cassandra wants to accumulate $40,000 in a fund with payments of $1,500 made at the end of every quarter. The interest rate is 6.87% compounded quarterly.

a.How many payments (rounded up to the next payment) will it take to accumulate this amount?

Please explain the formula in detail.

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