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Jack wants to accumulate $12,000 for a motor-bike in 5 years' time. To do this, he will make 20 level deposits (quarterly) with the first

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Jack wants to accumulate $12,000 for a motor-bike in 5 years' time. To do this, he will make 20 level deposits (quarterly) with the first deposit today. If he earns 12.2% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; don't use $ sign or commas)

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