In: Accounting
Amount to be invested = $ 750 per quarter
Annual Return = 9% i.e Quarterly return = 9%/4 = 2.25% per quarter
No. of quarterly investement to be made = 65 years - 20 years = 45 years
No. of quarters = 45 years * 4 = 180 quarters
Calculation of investment and interest accrued is tabulated below
Accumulated Amount at the age of 65 years will be = $ 18,36,336.35