A family wants to have a $180,000 college fund for their children at the end of 16 years. What contribution must be made at the end of each quarter if their investment pays an annual rate of 7.4%, compounded quarterly? Round your answer to the nearest cent.
A) $998.82
B) $9,770.02
C) $4,173.73
D) $1,491.76
E) $2,360.66
Correct Answer:
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