Jasleen is a recent graduate from a finance program at NYU. She wants to establish a savings plan. Interest rates are at 10% per year.

Required:

1. (7 marks) The main purpose of the account is the ability for her to retire 30 years from now with enough money to provide her with an income of $80,000 per year for twenty years post-retirement. How much must she invest each year to accomplish her goals?
2. (5 marks) How much must she invest each year from years 16 to 30 to achieve her retirement goals if she is only able to save only $2,000 per year for the first fifteen years?
3. (5 marks) Recalculate your answer in part (b) if Jasleen is also planning to buy a $32,000 Toyota (the price of the car twenty years from now) from this account twenty years from now.