Ann Marie is 28 years old and just received an inheritance from her parents. She wants to find out how much money she should invest today such that she can have USD 5,000 at the end of every month for 15 years when she retires at age 60. If she can earn 9% compounded annually until age 60 and then 5% compounded annually when the fund is paying out, how much money must Ann Marie invest?

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Q: fast urgent.

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Required Reserve and Excess Reserve Analysis

A required reserve is an amount of cash that banks must keep with themselves, which is certain percentage of the deposits made by their customers. Required reserve is a percentage of the bank's deposits that the respective bank must have on each overnight. The percentage rate is set and determined by the nation’s central bank. It is important to have such funds accumulated to meet its uncertain obligations, sudden liabilities and withdrawals. Required reserve is also known as reserve ratio. Reserve ratio is an important tool to control the money supply.