SOLUTION: You would like to have $750,000 when you retire in 25 years. How much should you invest each quarter if you can earn a rate of 4.2% compounded quarterly? a) How much should you

Question 1061934: You would like to have $750,000 when you retire in 25 years. How much should you invest each quarter if you can earn a rate of 4.2% 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 addingup(3677) (Show Source): You can put this solution on YOUR website!
a) Use this formula, substitute for you numbers and solve using your calculator:
800,000((0.053/12)/(((1+(0.053/12))^(12*40)-1) =
:Once you get the answer for a) you'll be able to easily solve b) and c)

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