Find total amount of interest the client will earn

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Reference no: EM131535576

You are working for a finance firm and a client comes to you and wants to know how much money they should put into an annuity( earning 2.62% interest compounded quarterly) at the end of each three months for the next 45 years. their goal is that whn they retire at the end of 45 years, they would like the quarterly withdrawls from the annuity to total $66,000 per year and that the annuity is to last for the next 23 years. You are to determine the amount which your cleint needs to deposit into the annutiy at the end of each three months for the next 45 years so the they can meet their retirement goal. Do the following:

a) Show all your work that you used to answer this problem. label the steps and important values as you solve the problem. Note that when you use the TVM solver, show all the variables and the values you entered(into the variables) AND SOLVED FOR.

b) find the total amount of interest the client will earn (from the time they start contributing to the account to when they make they make the last withdrawl)

Reference no: EM131535576

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