As part of your retirement package,your company has agreed to pay you monthly payments over...
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Finance
As part of your retirement package,your company has agreed to pay you monthly payments over the next three years that have the following characteristics. You wll neceive 12 monthly payments each year, with the first payment for the year being made on January 1", and the last payment for the year being made on December 15 2 Monthly payments for the first year will be $4,000 per month. After Year 1, you will receive an annual cost of living adjustment (COLA) of 3.0 percent that will be effective as of the January 15s payment for each subsequent year. That is, in Year 2, your monthly payment will be 3.0 percent higher than in Year 1 (ie, $4,000 1.03 $4,120), and in Year 3, it will be 3.0 percent higher than in Year 2 4 You believe that interest rates will increas e in the future and that you will be able to deposit your payments into an investment account and receive the following effective annual rates of retum lover the 12 months from January 1s to December 31st of each year: Years'1 and 2 6.6759627%, Year 3 (and after)-8213915896. Given this information, determine how much you should expect to have in your investment account one month after your 36th deposit, on December 31st of Year 3 Answer is whole dollar, ounded to the nearest dollar, with no punctuation. For example, if your answer is $150,224.75,enter "150225


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