Reference no: EM132666175

Today your cousin is celebrating his 25th birthday and he want to start saving money in order to get an income during his retirement. he made the following decisions:

1. to put today a deposit of 10,000 dollars in his savings account.
2. to make an annually payement of $ 30,00 in his savings account on each anniversary starting from 36th birthday until 60th birthday. your cousin wants to have a monthly pension during 20 years of his retirement from his 60th birthday.

The money earn an annual rate 8% compounded per quarterly.

Problem 1: how much will have accumulated at his 60th birthday After his last deposit?

Problem 2: how much monthly pension will he receive at the end of each month?

Problem 3: what will be the monthly annuity amount he will receive at the end of each month if your cousin would like to have an amount of 20,000 dollars in a savings account at the end of the 20 years of his retirement?

Problem 4: how much per year should your cousin have been depositing from the 36th to the 60th birthday so that he could receive an annuity of $ 25,00 at the end of each month and have an amount of 50,000 in his savings account at the end of his retirement? knowing that he will always make a deposit of $ 10,000 on the day he opens his savings account.