Question: Your company must make a $500,000 balloon payment on a lease 2 years and 9 months from today. You have been directed to deposit an

Your company must make a $500,000 balloon payment on a lease 2 years and 9 months from today. You have been directed to deposit an amount of money quarterly, beginning today, to provide for the $500,000 payment. The account pays 4% per year, compounded quarterly. What is the required quarterly deposit? Note: Lease payments are due at beginning of the quarter.

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