1. Richard wants to save money to meet three objectives. First, he would like 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 1 month from now. Second, he would like to purchase a summer house in 10 years at an estimated cost of $345,000. Third, after he passes on at the end of the 25 years of withdrawals, he would like to start a university endowment fund, which provides an annual scholarship of $100,000 forever. He can afford to save $2,350 per month for the next 10 years. He expects to earn an APR of 10 percent before he retires and an APR of 7 percent after he retires, compounded monthly. The university endowment fund is expected to earn an APR of 8 percent. How much will he have to save each month in Years 11 through 30? (12 marks)