After Graduating from College with a Finance Degree,you Begin an Ambitious

Multiple Choice

After graduating from college with a finance degree,you begin an ambitious plan to retire in 25 years.To build up your retirement fund,you will make quarterly payments into a mutual fund that on average will pay 12% APR compounded quarterly.To get you started,a relative gives you a graduation gift of $5,000.Once retired,you plan on moving your investment to a money market fund that will pay 6% APR with monthly compounding.As a young retiree,you believe you will live for 30 more years and will make monthly withdrawals of $10,000.To meet your retirement needs,what quarterly payment should you make?

A) $2,221.45
B) $2,588.27
C) $2,746.50
D) $2,904.73