filipchaush2000
New member
- Joined
- Apr 12, 2021
- Messages
- 1
Been having some problems with this one, hope that someone would have the time to type out a step by step result thank you upfront. Heres the question:
Melissa wants to save money to meet two objectives. First she would like to be able to retire 20 years from now and have a retirement income of $30,000 per year for 30 years. Second she would like to purchase a car 5 years from now at an estimated cost f $20,000. She can afford to save only$6,000 per year for the first 10 years. Melissa expects to earn 8% per year from investments over the next 50 years. What must be her minimum annual savings be from years 11 through 20 to meet her objectives?
Melissa wants to save money to meet two objectives. First she would like to be able to retire 20 years from now and have a retirement income of $30,000 per year for 30 years. Second she would like to purchase a car 5 years from now at an estimated cost f $20,000. She can afford to save only$6,000 per year for the first 10 years. Melissa expects to earn 8% per year from investments over the next 50 years. What must be her minimum annual savings be from years 11 through 20 to meet her objectives?