Assume the following scenario: Bob plans to retire in 20 years from now and wants to have the following stream of CFs after retirement.

1. Monthly payments of $4,000 for 15 years starting right after retirement (The first payment will be at the end of the first month in year 21).
2. He then needs an extra 50000$ with the final payment (final month of year 35).
3. Starting from year 36, he wants the monthly payments to be 6000$ for 10 years (The first payment will be at the end of the first month in year 36).
4. And finally, starting from year 46, he wants the monthly payments to grow at 0.5% per month forever (first payment will be at the end of the first month in year 46).

The APR is 12% with quarterly compounding.

What is present value (at t = 0) of this retirement plan?

		55905
		65888
		33444
		45044