Suppose payments were made at the end of each quarter into an ordinary annuity earning interest at the rate of 8%/year compounded quarterly. If the future value of the annuity after 7 years is $70,000, what was the size of each payment? Round your answer to the nearest cent.
R = $__________

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The Answer of Suppose payments were made at the end of each quarter into an ordinary annuity earning interest at the rate of 8%/year compounded quarterly. If the future value of the annuity after 7 years is $70,000, what was the size of each payment? Round your answer to the nearest cent.
R = $__________

Suppose Payments Were Made at the End of Each Quarter