The Cox family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 5.4% Interest, compounded quarterly. Payments
will be made at the end of each quarter.
How much money do they need to pay into the annuity each quarter for the annuity to have a total value of $ 14,000 after 13 years?
Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
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