Robert wants to start an ira that will have $550,000 in it when he retires in 25 years. how much should he invest quarterly in his ira to do this if the interest is 6% compounded quarterly? assume an annuity due.
a.
$2,368.29
c.
$2,403.81
b.
$2,378.30
d.
$2,408.91
round to the nearest cent

Hi there
The formula of the future value of annuity due is
Fv=pmt [(1+r/k)^(nk)-1)÷(r/k)]×(1+r/k)
Solve for pmt
Pmt=fv÷[(1+r/k)^(nk)-1)÷(r/k)]×(1+r/k)
Fv future value 550000
R interest rate 0.06
K compounded quarterly 4
N time 25 years

So
Pmt=550,000÷1+0.06÷4)^(25
×4)−1)÷(0.06÷4))×(1+0.06÷4))
=2,368.29...answer

Hope it helps