Problem
You just graduated from college and are starting your new job. You realized the importance to save for the future and have figured out that you will save $1,000 per quarter for the next 12 years; and then increase to $8,000 per quarter for the following 7 years. The amount accumulated at the end of these investments will be your retirement egg nest. You plan to start retirement and start withdrawing quarterly amounts the following quarter (you will be in retirement for 20 years). If your required rate of return is 12% compounded quarterly, how much are your quarterly withdrawals?