Suppose payments were made at the end of each quarter into an ordinary annuity earning interest at the rate of 12%/year compounded quarterly. If the future value of the annuity after 3 years is $40,000, what was the size of each payment? Round your answer to the nearest cent.
a. R = $2,818.48
b. R = $2,761.13
c. R = $2,794.95
d. R = $2,855.96
a. R = $2,818.48
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