certain amount of money has been deposited at the end of each quarter into an account that bears an interest of 7% p.a. After 3 years the total amount in the account is $6, 000. what was the amount deposited into the account at the end of each quarter?

Answer 1

Let's denote the amount deposited at the end of each quarter as X.

After 3 years, there are 12 quarters. So, using the formula for compound interest:

6000 = X * ((1 + 0.07/4)^(12*4) - 1) / (0.07/4)

6000 = X * (1.0175^48 - 1) / 0.0175

6000 = X * (2.06206 - 1) / 0.0175

6000 = X * 57.176

X = 6000 / 57.176

X ≈ $105.02

Therefore, the amount deposited into the account at the end of each quarter was approximately $105.02.