You plan to accumulate $10,000 for a car in 5 years time. To do this, you will make 20 level deposits (quarterly) with the first deposit today. If you earn 5.7% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; dont use $ sign or commas)

Select one: a. $429.54 b. $435.66 c. $878.35 d. $1688.38

Which of the following is CORRECT? When discounting an amount to be received in one years time at a rate that is quoted as 12% compounding quarterly, we can: Select one:

A. Discount the amount using an effective monthly rate of 1% where the number of periods is 12.

B. Discount the amount using an effective annual rate (EAR) of (1+0.03)^4-1 =12.5509% where number of periods is 1.

C. Discount the amount using the annual rate of 12% where number of periods is 1.

D. None of the above