Question: A small foundry agrees to pay $420,000 five years from now to a supplier for a given amount of coking coal. The foundry plans to
A small foundry agrees to pay $420,000 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 $420,000. If the account pays 8.5% APR compounded monthly, how much must be deposited every three months? Group of answer choices $13,319.33 $17,046.00 $23,671.72 $31,514.99
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