After graduating from college with a bachelor of business administration, you begin an ambitious plan to retire in 25.00 years. To build up your retirement fund, you will make quarterly payments into a mutual fund that on average will pay 11.04% APR compounded quarterly. To get you started, a relative gives you a graduation gift of $2,932.00.

Once retired, you plan on moving your investment to a money market fund that will pay 5.40% APR with monthly compounding. As a young retiree, you believe you will live for 29.00 more years and will make monthly withdrawals of $10,659.00.