Question: A small foundry agrees to pay $290,000 two years from now to a supplier for a given amount of coking coal. The foundry plans to

A small foundry agrees to pay $290,000 two years from now to a supplier for a given amount of coking coal. The foundry plans to deposit a fixed amount in a bank account every three months, starting three months from now, so that at the end of two years the account holds $290,000. If the account pays 11% APR compounded monthly, how much must be deposited every three months?

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