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Tony Hippwaist wants to have $808,785 in his savings account in six years. Tony opened his savings account by depositing $30,000. Tony intends to make
Tony Hippwaist wants to have $808,785 in his savings account in six years. Tony opened his savings account by depositing $30,000. Tony intends to make equal deposits at the end of every three months for the next six years. Tony will earn 20% interest compounded quarterly on all deposits with the bank. Calculate the amount of each equal quarterly deposit that Tony must make in order to have $808,785 in his account in six years. Do not use decimals in your answer.
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