15) Bo Bichette wants to receive $8,000 quarterly payments for 15 years when he retires....
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15) Bo Bichette wants to receive $8,000 quarterly payments for 15 years when he retires. To accomplish his goal, he has decided to start making $3,300 quarterly payments into his 6.5 % compounded quarterly retirement account. If rates always stay the same, in how many years can he retire and reach his goal? (5 marks)
a) How much money does he need to sustain those $8,000 quarterly payments when he retires?
b) How long (in years) must he make those $3,300 quarterly payments for to reach his retirement goal?
Please provide the answer using TI BA 2 Plus Calculator. Thank you
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