College with bachelor of business administration

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Reference no: EM131930183

After graduating from college with a bachelor of business administration, you begin an ambitious plan to retire in 25.00 years. To build up your retirement fund, you will make quarterly payments into a mutual fund that on average will pay 10.28% APR compounded quarterly. To get you started, a relative gives you a graduation gift of $3,120.00.

Once retired, you plan on moving your investment to a money market fund that will pay 6.12% APR with monthly compounding. As a young retiree, you believe you will live for 29.00 more years and will make monthly withdrawals of $9,070.00. (YOUR WITHDRAWALS ARE AT THE BEGINNING OF THE MONTH) To meet your retirement needs, what quarterly payment should you make?

Reference no: EM131930183

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