Milner will have to deposit <u>$796.81</u> each quarter to have $650,000 in her retirement account when she retires 36 years from today at 8% interest rate.
<h3>How is periodic payment or deposit calculated?</h3>
To calculate the quarterly deposit that Milner must make to have $650,000 in her retirement account after 36 years, we can use an online finance calculator.
The online finance calculator will use the future value of $650,000 at 8% for 144 quarters (36 years by 4 quarters) to determine the quarterly deposit.
<h3>Data and Calculations:</h3>
N (# of periods) = 144 (36 years x 4)
I/Y (Interest per year) = 8%
PV (Present Value) = $0
FV (Future Value) = $650,000
<u>Results</u>:
Quarterly deposit = $796.81
Sum of all periodic payments = $114,740.64 ($796.81 x 144)
Total Interest = $535,259.36
Thus, Milner will have to deposit $796.81 each quarter to have $650,000 in her retirement account when she retires 36 years from today at 8% interest rate.
Learn more about periodic payments or deposits at brainly.com/question/13031679
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