## Math Problem Statement

CP will need $290000 to open a new branch of convenient store in 3 years. A special account, which yields 5% compounded quarterly, is prepared for CP to set aside equal amounts, every 3-month period, to accumulate the required money. How much money should CP save every 3 months?

## Solution

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## Math Problem Analysis

### Mathematical Concepts

Compound Interest

Future Value of Annuity

Time Value of Money

### Formulas

Future Value of Ordinary Annuity: FV = P × [(1 + r/n)^(nt) - 1] / (r/n)

### Theorems

Future Value Annuity Theorem

### Suitable Grade Level

College/University Level (or advanced high school for finance-related courses)

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