Question: How much will Jimmy and Jane need to save per month to pay for their retirement income for 30 years assuming that they can earn

How much will Jimmy and Jane need to save per month to pay for their retirement income for 30 years assuming that they can earn 7.0% per year, compounding monthly, on the invested funds. Assume Jimmy and Jane stop saving in 35 years when they reach 60, and funds are then held in a savings account earning zero. Further, assume that the 401k is NOT used for income, as it will be needed for a vacation home transition. (Hint:

Use $6,500,000 as your total future value variable.)

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