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How much should she deposit in the travel account at age

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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 $9218. If the interest rate is 5.1% 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.)

Reference no: EM132387899

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