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How much will be in melissa account on the date

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Saving for her retirement 20 years from now, Melissa set up a savings plan whereby she will deposit $250 at the end of each month for the next 15 years. Interest is 3.6% compounded monthly. She then leaves the accumulated value in a high interest account for 5 years earning 9.2% compounded quarterly. Once she has retired, she plans to withdraw the money every 3 months for 25 years. The interest rate while withdrawing the money will be at 4% compounded semi-annually.

Question a) How much will be in Melissa's account on the date of her retirement?

Question b) How much will Melissa contribute?

Question c) How much interest will she have earned by her retirement date?

Question d) How much will Melissa be able to withdraw every 3 months?

Reference no: EM132858996

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