# 10 After graduating from college with a bachelor of business administration, you begin an ambitious...

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# 10 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 11.64% APR compounded quarterly. To get you started, a relative gives you a graduation gift of $3,664.00. Once retired, you plan on moving your investment to a money market fund that will pay 5.64% APR with monthly compounding. As a young retiree, you believe you will live for 34.00 more years and will make monthly withdrawals of $9,233.00. (YOUR WITHDRAWALS ARE AT THE BEGINNING OF THE MONTH!!!!) To meet your retirement needs, what quarterly payment should you make? 2894 Submit Answer format: Currency: Round to: 2 decimal places. Show Hint # 10 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 11.64% APR compounded quarterly. To get you started, a relative gives you a graduation gift of $3,664.00. Once retired, you plan on moving your investment to a money market fund that will pay 5.64% APR with monthly compounding. As a young retiree, you believe you will live for 34.00 more years and will make monthly withdrawals of $9,233.00. (YOUR WITHDRAWALS ARE AT THE BEGINNING OF THE MONTH!!!!) To meet your retirement needs, what quarterly payment should you make? 2894 Submit Answer format: Currency: Round to: 2 decimal places. Show Hint

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To meet your retirement needs you should make a quarterly payment of 286993 Calculation Present Val... View the full answer