An amount of $10,000 is required for a trip to Europe which is planned after 3
years from now by a family. If the family makes 12 payments quarterly (at the end of each payment
period) to an account which earns interest at the rate of 8 percent per year compounded quarterly
to accumulate $10,000, what is the value of each payment? How much interest will be eamed
during this period?
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