After graduating from college with a bachelor of business administration, you begin an ambitious plan...
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Finance
After graduating from college with a bachelor of business administration, you begin an ambitious plan to retire in 24.00 years. To build up your retirement fund, you will make quarterly payments into a mutual fund that on average will pay 12.80% APR compounded quarterly. To get you started, a relative gives you a graduation gift of $3,312.00 Once retired, you plan on moving your investment to a money market fund that will pay 5.28% APR with monthly compounding. As a young retiree, you believe you will live for 30.00 more years and will make monthly withdrawals of $10,145.00. (YOUR WITHDRAWALS ARE AT THE BEGINNING OF THE MONTHIIII) To meet your retirement needs, what quarterly payment should you make? Answer Format: Currency: Round to: 2 decimal places
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