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Today is Ashleys 18th birthday. To prepare for retirement, at the start of each quarter...

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Accounting

Today is Ashleys 18th birthday. To prepare for retirement, at the start of each quarter she plans on depositing $500 into a savings account that earns 6% compounded quarterly. Her first deposit will occur today, and she will stop making deposits when she turns 55 (i.e., she will not make a deposit on her 55th birthday). She will then leave the money invested for the next fifteen years until she retires on her 70th birthday. Assume that she will continue to earn the same 6% compounded quarterly on her investment. Ashleys twin sister, Mary-Kate, also plans on retiring on her 70th birthday. However, she plans on waiting until her 30th birthday to deposit money each month into a savings account that earns 4% compounded monthly. Her first deposit will occur on her 30th birthday, and she will stop making deposits when she turns 70 (i.e., she will not make a deposit on her 70th birthday). Her deposits will occur at the beginning of each month. How much money must Mary-Kate invest each month in order to have the same amount saved for retirement as Ashley?

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