Question: How much would need to be annually saved monthly over the next 3 5 years to accumulate an amount sufficient to fund $ 5 ,

How much would need to be annually saved monthly over the next 35 years to accumulate an amount sufficient to fund $5,000 of equal monthly retirement payments over 30 years of potential retirement. Assume that savings fund earns an annual APR rate of r_S=0.065 during the savings years and that the monthly retirement payments are amortized using an annual APR rate of r_R=0.035. The first annual saving deposit is made today and the first monthly retirement annuity payment is made when the retiree reaches age 65(i.e. use FPP=0 for both the savings and the retirement amount calculations).

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