Question: 4. Peter just turned 30 years old and would like to start depositing semi-monthly contri- butions into his retirement account until he retires at age

4. Peter just turned 30 years old and would like to start depositing semi-monthly contri- butions into his retirement account until he retires at age 60. During retirement, Newman would like to receive $3250 payments twice per month (semi-monthly) from his account for a period of 25 years (from age 60 to 85). If his retirement account earns 5.5% compounded semi-monthly, how much should his semi-monthly contributions be from now until he turns 60? You must include a detailed time diagram in your answer. You can use either the formulas or the BA-II for this problem (or both)

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