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How much will have to save each month in years

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First, we would like to be able 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, we would like to build a house in 10 years at an estimated cost of 345,000
  • Third, after receiving the retirement payments for 25 years, we would live to leave an inheritance of 2 million.

Problem 1: We can afford to save 2,350 per month for the next 10 years. If we can earn an EAR of 10 percent before he retires and an EAR of 7% after we retires, how much will we have to save each month in Years 11 through 30?

Reference no: EM132792752

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