Question 1149087
We want $5000 in 9 years.  How much do we deposit each quarter in an account earning 8% interest compounded quarterly?
<pre><s>Tutor IKLEYN made a mistake. This amount will be compounded QUARTERLY, not monthly. Hence, the 12 in her calculation should be 4 instead. 
As a result, </s>the correct amount to deposit each quarter will be: {{{highlight_green("$96.16")}}}. 
This amount was reduced to the nearest cent, to 2 decimal places, or to the nearest hundredth.