Question
using the ordinary simple FV = 110,640.68 , T= 20 ; i = 0.115/4 ; (You wish to receive an amount of $2,400 a month
using the ordinary simple FV = 110,640.68 , T= 20 ; i = 0.115/4 ; (You wish to receive an amount of $2,400 a month for 12 years starting at the end of your first month of retirement 18 years from now, how much will have to be in the fund by the time you reach retirement age? Assume that money is worth 16%, compounded monthly.) What would be the end-of-quarterly deposits you would have to make for the next 20 years into an account paying 11.5% quarterly in order to set up the annuity described in the previous problem?
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