Question: 3. A man is currently 23 years old. He decides to starts saving toward building up a retirement fund that pays 2% effective quarterly interest

3. A man is currently 23 years old. He decides to starts saving toward building up a retirement fund that pays 2% effective quarterly interest rate (the market interest rate). He feels that $60,000 worth of purchasing power in today's dollars will be adequate. If the man will make deposits every quarter starting now until he is 63 years and at the same time he will withdraw all the money in the account after his last deposit at age 63. Assume f = 6% per year. Find the quarterly deposits in actual dollar and in constant dollar. (assume b=0)

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