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You must make a payment of $1,000in 10 years. To get the money for this payment, you will make 5 equal deposits, beginning today and
You must make a payment of $1,000in 10 years. To get the money for this payment, you will make 5 equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 5% with quarterly compounding. How large must each of the 5 payments be?
$94.20
$103.42
$137.02
$124.72
$113.56
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