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Jamie wants to save money to meet two objectives. First, he would like to be able to retire 30 years from now with retirement income
Jamie wants to save money to meet two objectives. First, he would like to be able to retire 30 years from now with retirement income of $17,500 per month for 25 years, with the first payment received 30 years and one month from now. Second, he would like to purchase a cabin in River Grove in 10 years at an estimated cost of $345,000. He can afford to save $2,350 per month for the next 10 years.
If he can earn an APR of 10% pa (compounded monthly) how much will he have to save each month in years 11 through 30?
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