What does she need to save at the beginning of each month, Financial Management

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What does she need to save at the beginning of each month

1. Michael wants to accumulate enough to start a practice in 10 years. He believes he will need $250,000 in today’s dollars. If he can earn an annual rate of return of 6% and inflation is 2%, how much does he need to save at the beginning of this year.

2. Rachel wants to have $25,000 in today’s dollars for a cruise when she retires 6 years from now. She believes she can earn 8% interest and inflation will be 3%. What does she need to save at the beginning of each month to reach her goal?

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