document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1133529>Question 1133529</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #750791 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=750791\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A=375[(1+(.08/2))^80-1]/(.08/2), the 80 the number of quarterly compoundings in 20 years.<BR>\n" );
document.write( "A=$72664.48<BR>\n" );
document.write( "This is equal to m(1-(1+(r/n)^(-60))/(r/n)<BR>\n" );
document.write( "=m(34.76089) but round only at end<BR>\n" );
document.write( "m=$2090.41 ANSWER </SPAN>\n" );
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