When Stan retires at age 62, he wants to pay himself $3.000 per month for the next 20 years, starting on his 62 birthday. He has 25 years to save up for his retirement. assume a rate of 6% compounded quarterly for the entire problem. How much will he have to contribute at the end of each quarter in order to achieve his retirement goal?

How much would stand need to contribute if he made one lump sum payment at the beginning of his investment period?