Question: 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

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

DO NOT COPY FROM CHEGG I NEED A FULL EXPLANATION

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