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 each quarter over the next four years to reach this target?
A) $2187.50
B) $7653.40
C) $1987.64
D) $1989.64
E) $2003.50
Correct Answer:
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