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To help out with her retirement savings, Melissa invests in an ordinary annuity that earns 4.2% interest, compounded quarterly. Payments will be made at the
To help out with her retirement savings, Melissa invests in an ordinary annuity that earns
4.2%
interest, compounded quarterly. Payments will be made at the end of each quarter. How much money does she need to pay into the annuity each quarter for the annuity to have a total value of
$96,000
after
18
years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the
list of financial formulas
.
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