Jeremy would like to retire in 25 years. He would like his
retirement income to be $250,000, and this figure should grow at
the same rate as inflation, expected to be 2 percent annually. He
expects to live 30 years after he retires, and plans to leave $3
million to TYU after he dies.
Jeremy currently has $1,000,000 in
his retirement fund. The fund is expected to earn 6 percent
annually. Assuming that Jeremy increases his annual retirement
savings by...