Karim has already saved up $$250,000$ for retirement. He plans on investing $$1,000$ per month for $25$ years

until he reaches retirement $($payments occur at the end of the period$).$ He estimate he'll earn $6\%$ annually

$($interest is compounded monthly$).$ If correct, what will Karim's balance be at retirement? Report you answer

to the penny.

$

Question $30$

You have just graduated from college and want to begin saving for retirement. You plan to

retire in $30$ years and have not saved anything yet for retirement. Assuming you make $6\%$

annually $($with monthly compounding$),$ how much should you save each month $($with

payments at the end of the period$)$ in order to have $$2$ million at retirement? Provide you

answer to the nearest penny.

$