Marcy Gross wants to save money to meet three objectives. First, she would like to be...

Marcy Gross wants to save money to meet three objectives. First, she would like to be able to retire 30 years from now with retirement income of $24,000 per month for 15 years, with the first payment received 30 years and 1 month from now. Second, she would like to purchase a cabin in Jersey Coast in 15 years at an estimated cost of $624,000. Third, after she passes on at the end of the 15 years of withdrawals, he would like to leave an inheritance of $700,000 to her daughter Rebecca. Marcy can afford to save $1,800 per month for the next 15 years.

If Marcy can earn a 11 percent EAR before she retires and a 8 percent EAR after she retires, how much will she have to save each month in Years 16 through 30?

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ekkarill92 answered 1 year ago

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