Aureliano is a veteran of

the

War of a

Thousand Days

who is not eligible

to receive

military pension.

As such, h

e

has

to

save for

retirement on his own

.

Aureliano

wants to

retire in 20 years from now and live off his retirement savings for 15 years. How much

does he need to save every year

during 20 years if

he needs $12,000 per year after

retirement? The interest rate on savings is 15%