Ben saves $3,000 at the end of every year from age 25 to 35 (10 years) and earns 8% annually. Ben stops saving at age 35 but does not withdraw his money until age 65 (30 years). Elizabeth begins saving at age 35.

Hint: Calculate Ben's FV for 10 years and then take that amount as a new PV for the next 30 years.

Ignoring the $3,000 of savings by Elizabeth in the previous question and assuming that Elizabeth earns 8% on her investments, what amount will she have to save each year to equal Ben’s balance at age 65?

Hint: For Elizabeth, this is an =pmt formula. Remember to put the negative sign in front of the FV