Your friend is celebrating her 45th birthday today and wants to start saving for her anticipated retirement at age 65. She wants to be able to withdraw $16,000 from her savings account each quarter for 25 years following her retirement; the first withdrawal will be made on her retirement date, i.e., at the starting date of her retirement. Your friend intends to invest her money in the local credit union, which offers 4.8% interest per year. She wants to make equal quarterly payments into the account established at the credit union for her retirement fund.

(a) (6 points) If she starts making these deposits one quarter from her 45th birthday and continues to make quarterly deposits until she is 65 (the last deposit will be on her 65th birthday), what amount must she deposit quarterly to be able to make the desired withdrawals at retirement?

(b) (6 points) If she starts making these deposits on her 45th birthday and continues to make quarterly deposits until she is one quarter shy of 65 (the last deposit will be made one quarter before her 65th birthday), what amount must she deposit quarterly to be able to make the desired withdrawals at retirement?

(c) (6 points) Suppose your friend has just inherited a large sum of money. Rather than making equal quarterly payments, she has decided to make one lump-sum payment on her 45th birthday to cover her retirement needs. What amount does she have to deposit?

(d) (6 points) Suppose your friends employer will contribute $1,000 to the account every quarter (at the end of each quarter) as part of the companys profit-sharing plan. In addition, your friend expects a $75,000 distribution from a family trust fund on her 54th birthday, which she will also put into the retirement account. What amount must she deposit quarterly now to be able to make the desired withdrawal at retirement?