Practice Problem #1 You want to be able to retire 25 years from now with monthly retirement income of $12,000 for 30 years (first withdrawal will be made 25 years and 1 month from now). You also want to purchase a boat in 15 years at an estimated cost of $60,000. After the 30 years of withdrawals, you want to donate $500,000 to a charity. You plan to save $2,000 per month for the next 15 years, earn an 8% EAR before retirement and a 6% EAR after retirement. How much will you have to save each month in years 16 through 25?