Your friend is celebrating her 22^nd birthday today and wants to start saving for her anticipated retirement at age 60. She estimates that the annual spending needs would be $210,000 based on the current price level, and inflation rate is expected to be 4% per year. She wants to be able to make withdrawal for spending needs on each year for 24 years following her retirement; the first withdrawal will be on her 61^st birthday. Your friend intends to invest her money in a fund, which offers 5% percent interest per year after retirement. Before retirement, your friend invests in stock funds, which offers 9% interest per year. Your friend expects to spend $X for her wedding on her 30th birthday. She will get the $230,000 annual salary in 23^rd birthday, and the salary is expected to be increased at 6%.

If she starts saving 20% of her salary on her 23^rd birthday, up to 60^th birthday, what is the maximum amount that she can spend on her wedding? Please list the formula and answer for the following figures.

• Annual spending needs in 61^st birthday
• Present value of spending needs after retirement in 60^th birthday
• Present value of spending needs after retirement in 22^nd birthday
• Present value of all savings in 22^nd birthday
• Money that can spend on her wedding