Determine the amount must you save annually


You want to save money to meet two objectives. First, you would like to be able to retire 30 years from now with a retirement income of $250,000 per year for 20 years beginning at the end of the 31 years from now. And you would like to purchase a cabin in the mountains 12 years from now at an estimated cost of $80,000. You can afford to save only $14,000 per year at the end of each year for the first 18 years. You expect to earn 10 percent per year from investments. Assuming you saves the same amount at the end of each year, determine the amount must you save annually from years 19 to 30 to meet your objectives.

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Business Management: Determine the amount must you save annually
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