Question $4(5)$

Jane is $22$ years old and is planning for her retirement at age $62($ie first payment at $63).$ She plans to save R$3000$ per year for the next $15$ years. She wants to have retirement income of R$80,000$ per year for $20$ years.

How much must Jane save each year from age $37$ to retirement in order to achieve her retirement goal. Assume she plans to invest in a diversified stock and bond mutual fund that will earn $8\%$ per year on average $($assume same interest rate throughout$)$