1.You are a financial analyst and one of your clients has just advised you that they intend to retire 25 years from today. After a thorough analysis of your client's needs, you determine that a sum of $1,050,000 will be required to meet her financial needs when she retires. Your client would like to start making quarterly contributions to a retirement savings plan (the first contribution will be 3 months from today) and continue those payments until she retires. If you can invest her contributions at an effective annual rate of return of 8%, how much will your client's quarterly payment need to be?

The answer is 3487.73 but please show working out steps