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To help Beth pay for college expenses, her parents decide to make a deposit into an account earning interest at an annual rate of 4%,
To help Beth pay for college expenses, her parents decide to make a deposit into an account earning interest at an annual rate of 4%, compounded quarterly. The would like for Beth to be able to withdraw $662 at the end of each quarter for the next 4 years. How much should they deposit when they open the account? Hint: The account should be empty at the end of the 4 years.
Round your answer to the nearest dollar.
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