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After graduating from college with a finance degree, you begin an ambitious plan to retire in 25 years. To build up your retirement fund, you will make quarterly payments into a mutual fund that on average will pay 12% APR compounded quarterly. To get you started, a relative gives you a graduation gift of $5,000. Once retired, you plan on moving your investment to a money market fund that will pay 6% APR with monthly compounding. As a young retiree, you believe you will live for 30 more years and will make monthly withdrawals of $10,000. To meet your retirement needs, what quarterly payment should you make?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92357639

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