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Suppose you are planning for your retirement, and you have decided that you want to retire at age 56, and get quarterly payments from your
Suppose you are planning for your retirement, and you have decided that you want to retire at age 56, and get quarterly payments from your investments of $20,000. Suppose further that you will start your job at age 25, and will earn $120,000 each year for every year that you are at your job. Suppose also that you have found an account that will pay 5% interest, compounded quarterly, to use in saving up for retirement. Find how much you need in your account when you retire, and also find what your payments will have to be while you are working to pull this off, if you know you will live to be 89 years old
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