Kate plans to retire at age 60. At that time, she wants to have enough to invest in a travel account so that she can go on a world trip every four years until she reaches 76, i.e. at ages 64, 68, 72 and 76. Each trip will cost $10807. If the interest rate is 5.0% p.a. compounded quarterly, how much should she deposit in the travel account at age 60.

(Give your answer to the nearest cent, omitting the dollar sign.)

Answer rating: 100% (QA)

1 Calculate Total Cost of Trips Kate plans to take four trips costing 10807 each So the total cost o... View the full answer