Question: PROBLEM 2 Given the following data: (Assume monthly compounding or discounting) Assume all payments are end of the month payments) Monthly Retirement Income Needed Years

PROBLEM 2 Given the following data: (Assume monthly compounding or discounting) Assume all payments are end of the month payments) Monthly Retirement Income Needed Years until Retirement Years in Retirement Rate of Return before Retirement Rate of Return during Retirement $12,000 30 25 8.50% 5.50% (a) Calculate the total Savings Required at Retirement (b) Calculate the monthly saving (PMT) needed prior to retirement

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