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How much would be needed to fund an annuity that pays $1,000 at the end of each quarter for five years with a nominal annual
How much would be needed to fund an annuity that pays $1,000 at the end of each quarter for five years with a nominal annual interest rate of 3% converted monthly if:
- the first payment is to be made at the end of the current quarter?
- the first payment is to be made exactly three years from now?
(no excel please)
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