Part A: Your parents will retire 16 years from now. By then, in $ today, they need a lump sum of $1,500,000. The annual rate of inflation for the next 16 years is 4% compounded annually. There is an investment opportunity of 9% annually compounded monthly. How much should they deposit every month after tax to achieve this retirement goal? The tax rate is 20%.

Part B: How much should they deposit every month before tax to achieve this retirement goal? The tax rate is 20%.