Your employer offers a tax-deferred retirement plan (which was authorized by Congress to encourage savings) which would permit you to invest, tax-free until you retire, up to 15 percent of your salary. Once you are finished with your program (one year from today), you plan to save $6,000 every 6 months, or $12,000 per year. The investment firm that manages the retirement fund promises to pay a stated (or nominal) rate of 6% per year, but with quarterly compounding. 

If you invest $6,000 each six months, starting six months after you graduate (or 18 months from today), how much will you have 5 years from now, assuming the last payment is made at the end of Year 5?