1. Assume that you plan to retire in 35 years and that you estimate you will need an income of $100,000 at the beginning of each year for 30 years, following your retirement. You also plan to donate $1,000,000 to the Georgia Southern University College of Business to endow a scholarship in the name of your favorite finance professor. You will make this endowment exactly 5 years after you retire.

Assume that you will earn 11.00 percent during your working years and 3.50 percent after you retire.

1. How much must you save every month so that you will meet these goals?

2. What is the name on the scholarship?