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Calculate the total amount that peter and blair must save

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Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 35 years and anticipate they will need funding for an additional 24 years. They determined that they would have a retirement income of $56,000 in? today's dollars, but they would actually need ?$78,000 in retirement income to meet all of their objectives. Calculate the total amount that Peter and Blair must save if they wish to completely fund their income? shortfall, assuming a 4 percent inflation rate and a return of 11 percent.

Reference no: EM133075159

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