A small foundry agrees to pay $320,000 five years from now to a supplier for a...

 

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A small foundry agrees to pay $320,000 five 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 five years the account holds $320,000. If the account pays 7.5% APR compounded monthly, how much must be deposited every three months? $13,319.33 $17,046.00 $23,671.72 $31,514.99 A small foundry agrees to pay $320,000 five 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 five years the account holds $320,000. If the account pays 7.5% APR compounded monthly, how much must be deposited every three months? $13,319.33 $17,046.00 $23,671.72 $31,514.99

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