What quarterly payment should you make

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Reference no: EM131962354

After finishing nursing school, you begin a plan to retire in 24.00 years. To build up your retirement fund, you will make quarterly payments into a mutual fund that on average will pay 10.80% APR compounded quarterly. To get you started, a relative gives you a graduation gift of $2,146.00. Once retired, you plan on moving your investment to a money market fund that will pay 4.56% APR with monthly compounding. As a young retiree, you believe you will live for 29.00 more years and will make monthly withdrawals of $9,340.00. (YOUR WITHDRAWALS ARE AT THE BEGINNING OF THE MONTH) To meet your retirement needs, what quarterly payment should you make?

Reference no: EM131962354

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