choose the best answer

Yvan Cooper is 27 years old and is considering a monthly savings plan for his retirement. He plans to retire at 67 and wants to be able to take $10,000 per month beginning on his 67th birthday. He expects to live to 92 (25 years from retirement). Mr. Cooper believes he can earn 8% during the years he is still working, and then will take a more conservative approach once he retires with an expected return of 6%. He would also like to be able to fund an endowment at his alma mater, UAlbany, in the amount of $1.5 million on his 92nd birthday. To be able to meet his goals, the monthly contributions Mr. Cooper needs to make beginning next month is closest to:

*N.B. Read the problem carefully and construct a timeline to complete.

a) $540.82.

b) $543.05.

c) $859.35.