Assume that you plan to retire in 40 years and that you estimate you will need an income of $6,000 at the beginning of each month for 25 years, following your retirement. You will earn 12.00 percent during your working years and 5.00 percent after you retire.

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

If you already have $5,000 to invest toward your retirement, how much must you save every month to meet your goal?

Please show work using BA II Plus

P/y = N I/Y PV PMT and FV