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44 Ian Krassner wants to save money to meet two objectives. First, he wants to retire 31 years from today with a retirement income of $300,000 per...
4.44 Ian Krassner wants to save money to meet two objectives. First, he wants to retire 31 yearsfrom today with a retirement income of $300,000 per year for 20 years.The first retirementpayment will occur 31 years from today. Second, he would like to purchase a cabin in themountains 10 years from today at an estimated cost of $350,000. He can afford to save only$40,000 at the end of each year for the first 10 years. He expects to earn 7 percent per yearon his savings.Assuming he saves the same amount each year, what must Ian save annually atthe end of year 11 through year 30 to meet his objectives?
