What quarterly payment should you make

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After graduating from college with a bachelor of business administration, you begin an ambitious plan to retire in 22.00 years. To build up your retirement fund, you will make quarterly payments into a mutual fund that on average will pay 12.92% APR compounded quarterly. To get you started, a relative gives you a graduation gift of $2,825.00.

Once retired, you plan on moving your investment to a money market fund that will pay 5.04% APR with monthly compounding. As a young retiree, you believe you will live for 30.00 more years and will make monthly withdrawals of $9,407.00. (YOUR WITHDRAWALS ARE AT THE BEGINNING OF THE MONTH!!!!) To meet your retirement needs, what quarterly payment should you make?

Reference no: EM133123019

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