SamTrunk just turned 45. Till now he has no savings and wants

jagguarpaw January 18, 2017 0 Comments

Question: Sam Trunk just turned 45. Till now he has no saving…

Sam Trunk just turned 45. Till now he has no savings and wants to retire at age 65. Sam

And his wife Julie want to draw $4,000 at the end of each month for the next 30 years

Upon retirement. How much should Sam and Julie save at the end of each month for the

Next twenty years to meet their retirement goal? Time value of money is 4.8% APR.

Show all your work.