SOLUTION: Martin has deposited $375 in his IRA at the end of each quarter for the past 20 years. His investment has earned interest at the rate of 8% per year compounded quarterly. Now, at a

Question 1133529: Martin has deposited $375 in his IRA at the end of each quarter for the past 20 years. His investment has earned interest at the rate of 8% per year compounded quarterly. Now, at age 60, he is considering retirement. What quarterly payment will he receive over the next 15 years?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
A=375[(1+(.08/2))^80-1]/(.08/2), the 80 the number of quarterly compoundings in 20 years.
A=$72664.48
This is equal to m(1-(1+(r/n)^(-60))/(r/n)
=m(34.76089) but round only at end
m=$2090.41 ANSWER
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