At 23 years old, she just got her first job after college. She understands the importance of starting early in saving for retirement, and she is eager to start right away. Help Rita figure out how much she needs to save per month while working, in order to meet her income goals in retirement.

Rita wants to be able to retire at 67 years old. In addition to her Social Security benefit in retirement, she estimates she would need $3,000 monthly from her investments. She expects her investment return to be 8% while working and 6% in retirement. She wants you to assume that she would live to age 85.

Side note: you may recall in the Adeyemi Retirement TVM assignment recently, I gave you inflation-adjusted investment returns, and asked you to operate in today's dollars. In Rita's case here, I am giving you nominal returns, and do not provide an inflation assumption. We are basically pretending like inflation does not exist in Rita's case. This is not at all what you can do with retirement planning in real life, but we are going to simplify things here. It's on my to-do list to account for inflation in this assignment... someday. That day is not today though.

in this case you need to work on this problem backwards - on the distribution phase first, and then back in time to accumulation phase in the second TVM calculation.

The next question then is, how much money does Rita need to have in the account on the day she retires, in order to meet her retirement income needs? Enter the amount as positive, even if the calculator gives you a negative value.