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You plan to accumulate $20,000 for a car in 5 years time. To do this, you will make 20 level deposits (quarterly) with the first

You plan to accumulate $20,000 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 6.0% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; dont use $ sign or commas)

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