47. You are currently twenty-two years old and you will graduate from college in two weeks. You have been hired by a major investment banking firm and you will begin work immediately after graduation. You think that life is too short to work for the next forty years and you have decided to do some retirement planning today that will allow you to retire twenty-five years after your graduation. Use the following information to plan your retirement. When you retire 25 years from now, you want to have accumulated enough wealth to withdraw $80,000 per year for 40 years after retirement (beginning-of-year). You will accumulate the necessary funds as follows: 1. Over the next twenty-five years you will make equal quarterly payments of $2,900 into a retirement account (end-of-period). All of your funds will be deposited into an account earning 8 percent compounded quarterly (this rate will be earned during your retirement years also). 2. You great aunt died 13 years ago and left you $10,000 which was invested in a trust fund. The terms of your aunt's Will indicate that the money is to remain in trust until you graduate from college, at that time you will be given the money to use as you please. The money was invested in an account earning 14 percent interest compounded annually. You plan to use part of the trust fund money to help meet your retirement plans. Any money that is not needed for retirement, you plan to use to throw a very large graduation party for yourself and your friends, Funds used for retirement will be invested in the savings account described above (see #1). Determine how much money you will have available for the graduation party. $41,006||