When Karina was 6 years old, her parents started depositing $1,200 every three months into...
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Finance
When Karina was 6 years old, her parents started depositing $1,200 every three months into an account in Bank Mitch that pays interest at the rate of 1.75%/year compounded quarterly until she gets hired at age 23.
Upon employment Karina buys a $25,000 car using her money at Bank Mitch and uses the rest of the money to open an account in Bank Kevin that pays 1.94%/year interest compounded monthly that she starts depositing a certain amount every month until she retires at age 72.
Karina purchases a $575,000 house at age 53 by withdrawing $125,000 from her count at Bank Kevin to use as down payment and securing a 30-year mortgage with 3.08%/year interest compounded monthly.
She sells her house for $690,000 when she retires and deposits her equity into her account at Bank Kevin.
If Karina wants to be able to withdraw $7,500 every month from her account until age 95, then how much should she deposit every month during her employment?
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