Bilbo Baggins wants to save money to meet three objectives. First, he would like to be able to retire 30 years from now with retirement income of $21,000 per month for 25 years, with the first payment received 30 years and 1 month from now. Second, he would like to purchase a cabin in Rivendell in 15 years at an estimated cost of $797,000. Third, after he passes on at the end of the 25 years of withdrawals, he would like to leave an inheritance of $800,000 to his nephew Frodo. He can afford to save $2,300 per month for the next 15 years. If he can earn a 11 percent EAR before he retires and a 9 percent EAR after he retires, how much will he have to save each month in Years 16 through 30 ? Multiple Choice $4,034.36 $5,698.34 $3,876.15 $3,955.26 $5,019.67