You wish to travel overseas for an extended holiday in four years' time and you

estimate you will

require $35 000 to pay for the trip. If your bank offers to pay you 5% per

annum on a savings

account, with interest credited quarterly, how much must you deposit eac

h quarter over the next

four years to reach this target?

a)

$2 187.50.

b) $1 987.64.

c)

$7 653.40.

d) $1 989.64