Jeff has $345,000 in his savings account now. He plans to retire 7 years from now, and he wants to have an income of $5,427 per month for 25 years after he retires. He earns 6% APR on his savings.
How much will Jeff have to save each month for the next 7 years to have enough to meet his income goal when he retires?
Round you answer to 2 decimal places, for example 1000.12.
Suppose you will save the following amounts for retirement:
$200 per month for the next 5 years, then
$400 per month for 6 years after that, then
$900 per month for 7 years after that.
If you can earn 9% APR on your savings, how much will you have in your savings 18 years from now?
