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 $23,000 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 $499,000. 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 $1,700 per month for the next 15 years. If he can earn a 9 percent EAR before he retires and a 7 percent EAR after he retires, how much will he have to save each month in Years 16 through 30? Multiple Choice $8,950.08 $8,950.08 $8,053.58 $8,217.94 $9,113.70 $8,382.30