You must make a payment of $1,000 in 10 years. To get the money for this payment, you will make 5 equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 5% with quarterly compounding. How large must each of the 5 payments be?
- $94.20
- $103.42
- $137.02
- $124.72
- $113.56