Today is Ashley’s 18th birthday. To prepare for retirement, at the start of each quarter she plans on depositing $500 in

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Today is Ashley’s 18th birthday. To prepare for retirement, at
the start of each quarter she plans on depositing $500 into a
savings account that earns 6% compounded quarterly. Her first
deposit will occur today, and she will stop making deposits when
she turns 55 (i.e., she will not make a deposit on her 55th
birthday). She will then leave the money invested for the next
fifteen years until she retires on her 70th birthday. Assume that
she will continue to earn the same 6% compounded quarterly on her
investment. Ashley’s twin sister, Mary-Kate, also plans on retiring
on her 70th birthday. However, she plans on waiting until her 30th
birthday to deposit money each month into a savings account that
earns 4% compounded monthly. Her first deposit will occur on her
30th birthday, and she will stop making deposits when she turns 70
(i.e., she will not make a deposit on her 70th birthday). Her
deposits will occur at the beginning of each month. How much money
must Mary-Kate invest each month in order to have the same amount
saved for retirement as Ashley?