Robert has accumulated $345,000 in a retirement savings plan. He would like to purchase an annuity that will provide payments at the start of every quarter for 15 years. If the funds in the annuity investment earn 4% compounded semiannually, what is the maximum size of quarterly payment that the accumulated funds will sustain for the 15-year period

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Q: minimum

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A: See the attachment

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A: The complete solutions are given below