Question
You deposit $5,000 into an account at the end of year 0. You deposit $5,000 every three (3) months beginning at the end of year
You deposit $5,000 into an account at the end of year 0. You deposit $5,000 every three (3) months beginning at the end of year 1 and continuing through the end of year 3. You also deposit into the account an amount X starting at the end of year 6 and repeat it every three (3) months for a total of four (4) deposits. You withdraw $112,160 at the end of year 7. After the withdrawal at the end of year 7, there is no more money in the account. The account pays 4% compounded quarterly. What is the amount you must every three (3) months deposit starting at the end of year 6 (value of X)?
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