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Susan Robinson is planning for her retirement. She is 30 years old today and would like to have $600,000 when she turns 55. She estimates that she will be able to earn a 9.00% rate of return on her retirement investments. She wants to set aside a constant amount of money every three months to help achieve her objective. How much money must Robinson invest at the end of each of the next twenty-five years to realize her goal of $600,000 at the end of that time?

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Answer:

$7,083.75

Explanation:

The computation is shown below:

In this question, we use the PMT formula that is presented in the attached spreadsheet

Data provided in the question is

Present value = $0

Future value = $600,000

Rate of interest = 9%

NPER = 25 years

The formula is shown below:

= -NPER(Rate;NPER;PV;FV;type)

So, after solving this, the PMT is $7,083.75

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