SOLUTION: You would like to have $750000 when you retire in 40 years. How much should you invest each quarter if you can earn a rate of 4.5% compounded quarterly? A. How much should you dep

Question 1183119: You would like to have $750000 when you retire in 40 years. How much should you invest each quarter if you can earn a rate of 4.5% compounded quarterly?
A. How much should you deposit each quarter?
B. How much total money will you put into the account?
C. How much total interest will you earn?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
750000=D(1+(.045/4))^160-1)/(.045/4).
Multiply through by the denominator
8437.50=D*4.989 round at the end.
D=$1691.17
This will be added 160 times for a total of $270,586.91 (not rounded until the end).
$750,000-$270,586.91 will be the interest.

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