London is a new client and wants to start investing today. With a 6% rate of return compounded quarterly, and planning to retire in 24 years, how much money must London invest each month in order to reach the goal of $500,000.00 before retiring?

N= 24

I/Y = 6%

P.V. =0

PMT =?

F.V. = $ 500,000.00

P/Y = 12 (Payments per month)

C/Y =4 (compounded quarterly)

BGN - I chose the beginning of the month.. should it be the end? The monthly payments made me think of the beginning.

PMT= $20,626.75

Please help me... am I using the right numbers... This is for TVM Calculations using a Financial Calculator. I am confused because interest is compounded quarterly but the question asks how much per month.

I am Urgent for an explanation to this problem please.