9-15 You have to solve this problem in two steps. First, you must determine how much you need to have at age 65 to provide a 20-year monthly payment of $3,000, giveu the 10 percent rate of return. By financial calculator, solve for the present value of the annuity or S310873.86 3000 PMT, 10 :12 = 7/7, 20 X 12= N PV Second, you must calculate how much you need to set aside monthly so that your savings will grow to the needed $310873.86 hy age 65 to fund the 20 year monthly retirement payment of $3090. By financial calculator, soive for the 15 year monthly payment necessary to produce the future value of the annuity of $310873.86. And the monthly payment is $750.05. 310, 813. 86 FV, 10+12 = Hy, 15X12 = N (PMT If Mr. Liles invests $750.05 every month at the end of each month at 10 percent, be will have accumulated $810,873.86 at age 65. This will allow him to withdraw $3,000 a month for 20 years after retirement