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    Future value and interest

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    Bill needs $8000 to buy a new car in five years. How much should be deposited at the end of every quarter into an account that earns 8% interest compounded quarterly?

    a. $329.25
    b. $345.97
    c. $666.33
    d. $ 489.25
    e. None of the above

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    Solution Summary

    This shows how to determine the amount deposited in order to have a given future value.