At age 25, you decide to start your retirement account, and put $700 at the end of each quarter into an account paying 7.25% compounded quarterly. At age 54, you stop making payments into the account. Account continues to pay 7.25% compounded quarterly. A) You decide to retire at age 67. Amount you have in your account at age 54 and 67?
B) If you’re living off this account once you retire, making monthly withdraws, for another 16 years, how much can you withdraw each month, assuming the account continues under the same compounding terms, 7.25% compounded quarterly? Amount you could withdraw quarterly? Amount you will be able to withdraw monthly?