You are able to save $2,500 from year 4 through year 10 at the beginning of eachyear (inclusive). You have two children who will be attending college at a cost of$15,000 per year starting in year 28 and continuing through year 35, inclusive.You will inherit $25,000 in year 25. When you retire in year 47, you will need$60,000 per year for 20 years.If you will be able to receive 3% from now through year 30 (inclusive) and 4.5%beginning in the January of year 31 and thereafter (inclusive), how much mustyou save from year 8 through year 46 (inclusive) to reach your needs?

Answer rating: 100% (QA)

First we assume here that all the cash flows shown in the diagram are in the beginning of the year N... View the full answer