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ANY ANSWER WILL DO JUST PLEASE HURRY!!!!!!!!!!!!!!!!!!!!! Bilbo Baggins wants to save money to meet his retirement objectives. He would like to be able to
ANY ANSWER WILL DO JUST PLEASE HURRY!!!!!!!!!!!!!!!!!!!!!
Bilbo Baggins wants to save money to meet his retirement objectives. He would like to be able to retire 30 years from now with a retirement income of $13,069 per month for 20 years, with the first payment received 30 years and 1 month from now. After he passes on at the end of the 20 years of withdrawals, he would like to leave an inheritance of $761,810 to his nephew Frodo. Before his retirement, he plans to deposit $2,000 per month in Account #1, which will earn 3.6%, and $x per month in Account #2, which will earn 5.4%. The post- retirement return is equal to 7.2%. How much will Bilbo have to save in Account #2 every month (i.e., $x) in order to achieve his retirement objectives? Round your answer to two decimal places and input your answer as a POSITIVE numberStep by Step Solution
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